© Dukascopy Bank SA
air has been trading in relatively narrow , 330 pip, range since the end of August till the middle of September. Lately it has been trying to reach new high which would be the highest level since the February 2010 (peak jut before the pattern's beginning if not to take in to account recent peak). Pair appreciated for almost two full weeks prior to the pattern and it seems that Fibonacci retracements of this move are having significant impact on the pair—50% retracement is where the pattern starts and bounces from the pattern's support for the first time; 38.2% acted as a strong support/resistance form 6th to 13th of September and the pair bounced from the 23.6% retracement recently.
© Dukascopy Bank SA