Still not a lot on the scene and I’ve had to go far far out to find some.
103.11 is the 38.2 fib level from the 1998/2011 hi/lo.
After that it’s the 50 fib from the 2002/2011 hi/lo at 105.27 then the 61.8 fib from the 2007/2011 hi/lo at 105.57
After that it’s the 200 mma at 107.88.
The sky really is open for some enormous moves in the pair. It’s easy to get carried away and start predicting 120’s and 130’s in the future but even looking at this move it’s virtually unparalleled in size except to the move in 1995. Certainly comparisons are starting to be made to the moves then.
When you look at a chart in such a large time frame it’s easy to say “oh well, we’re due a fall” but that could still be 4-500+ pips of gains away.
That said these big levels have proved their worth with the blue 38.2 fib at 94.11 giving a possible 400 pip move south and the blue 50 fib giving 400 also. Even the yellow 38.2 would have seen you in profit by using the 100 as your stop level.
So the next target is the 103.11 fib from the 1998/2011 levels. Mike reported heavy sellers in place up to 103 and we’ll no doubt hear of options coming into play also.
I’m going to play a short just shy of 103 maybe at 102.90 with a stop at 103.30.
If we do go through 103 I may be tempted to make the stop a buy reverse and park the resulting trade in the long term car park.
