The EUR/USD pair saw a massive decline on Monday, breaking below the Ichimoku cloud on the 4-hour chart. By the end of the New York session, the pair found support at the 61% Fibonacci retracement level that tracked the pairs gains from September 3rd to highs of September 13th.
If the support doesn’t hold, Ichimoku Kinko Hyo suggests we could see further declines towards the next Fibonacci level of 1.0971.
In my book, Ichimoku Secrets, I explain how this could be an interesting buying opportunity provided you’re willing to take the risk. For more on Ichimoku strategy development, don’t forget to grab the PDF version of my book, Ichimoku Secrets.
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