EUR/USD Long term short. Potential pullbacks today..
After, worse than expected retail sales figures for the US on 14/04/15 we had a pullback into the 38.2 fib retracement which was also a previous demand zone, now turned supply, after which price continued back downwards. Overall the Bias for this pair is short down to 1.02 at the -61.8 fib extension. In this chart, the ABCD fib Pattern shown could come into play, Where AB leg = CD leg. Today (15/04/14), we have interest rate decision from the ECB and a monetary statement from President Draghi, the potential moves that these fundamentals can trigger are shown in dotted arrows. On the way to the 1.02 target, The pair will need to break and retest a daily demand zone shown in green, retest it and continue down on to 1st target at 1.038 (-27% fib ext), before moving on to final target at 1.02.