Fibonacci GONE WILD

On the 1hr chart, price is currently fluctuating between the 23% and 38% fibs. It should be noted that these fibs are drawn differently than the ones on the 4hr chart I've been recently posting.

Is it time for price to head back south?

The 76% and 100% fib levels offer a high probabilaty of a retracement/reversal if price ever makes it that far.

EURO
76% - 1.4487
100% - 1.4551

POUND
76% - 2.0683
100% - 2.0741

If price is to make a trip back down to the 38% fib (111.60), this would an ideal week to do it.

YEP!!!!!!!!!!!

Price is currently in the area of one (2.0683) of the potential retracement/reversal levels I mentioned in an earlier post.

The 100% fib (2.0718) on the 2hr chart (1st chart) is another key level to be aware of for a possible retracement/reversal. Also, the 76% fibs on both charts practically coincide with one another at the 2.0683 area I alluded to in an earlier post.

As of now, the 2.0685-2.0701 price area serves as a buffer.

The 76% fib line on the 1hr practically coincides with the 76% fib on the daily at 1.4487 which I alluded to in an earlier post. Another indicator of a possible retracement/reversal at that level.

Will she reach the 100% fib (0.7057)?

What an unfrackinbelievable chart!! This sucker just might reach the 261% fib (2.0892) which is right at the 2.0900 price level.

That 2.0900 level should offer some major resistance.

A quick reminder

Price is meeting strong resistance.

If price continues to fall I'm looking for a decent retracement possibly off the 76% or 100% fibs. If price breaks the 100%, look out below! A short term bounce off the 23% could occur as well.

A good retracement/reversal should take price to the bottom 23% or 0% fib levels. If price doesn't want to go south too far then the bottom 76% fib should show good support.

Well, price hit the 261% extension and has since retreated. Now it's time to look at possible retracements into the white secondary fibs in the first chart and/or continued upward movement into the greater white secondary fibs in the second chart. If there is a retracement of a few hundred pips, I would look for a pullback to the 100% or 76% white fibs in the first chart. It should be interesting to see how it all plays out.

I'm pretty sure price will reach the 100% fib level. It's just a matter of time.

I'm late in recognizing the 4hr.

Although it's against the major trend, this current spot could be a good short-term buy. Overall, it looks as if the trend will continue and eventually reach the 100% fib.