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FIBONACCI BOTTOM


Analysis As Of 18th March 2018


Hi everyone!!! 

Having a view of the chart bellow, a well captured FIBONACCI  BOTTOM chart pattern, completed it's formation as last week trading ends bullish.

This leads to large change in trend from bearish to bullish which started from 2016 high at 1.4689 level as a result of bearish secondary move. And finally end it's bear move at last week trading as the currency breakout 1.2916 level ( that should be two years of bearish trend interval).

The chart pattern starts it's formation at 2017 low 1.2061 level ( Green cycle) followed by a strong reaction rally that lead the currency to 1.2916 level ( which stand as breakout line) the bear tried to continue it's primary course but fails to close below 1.2061 level and formed a higher low at 1.2249 level (Green cycle) this followed by another strong reaction really which leads to change in trend as 1.2916 was bridged (breakout line)

After some sort of correction the currency is expected to see 1.3455 level in few weeks or months to come.

RISK DISCLAIMER


RISK DISCLAIMER

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About Chiejine Victor

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chiejine victor
Ojo, Lagos, Nigeria
Chiejine Victor founder of Financial Career Fx is a young full time forex trader (TREND ANALYST) He studies the market in daily basis. He set to define that Technical analysis is more important, an art form and less on science. The fundamental of victor’s approach to Technical analysis illustrate the existence of an inefficient market model (PRIMARY TREND)!!!!!!!!!!

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