As it's a non farm week markets will historically trade sideways pending the release of Friday. The weekly close below the 61.80% fib indicates further downside gains with a rest of the 200EMA and 50% fib likely.
At this point it's likely price will break or correct at the 50% fib level towards the 76.4% or 38.2% fib levels where it will likely consolidate until Friday.
The news docket features several high impact US releases however on non farm weeks other news tends to have small-medium impact on price action so do expect breakouts on news releases followed by retracement(s) to the previous levels.
A farm rolls preview will follow on Thursday when a clearer picture of market sentiment is available.
At this point it's likely price will break or correct at the 50% fib level towards the 76.4% or 38.2% fib levels where it will likely consolidate until Friday.
The news docket features several high impact US releases however on non farm weeks other news tends to have small-medium impact on price action so do expect breakouts on news releases followed by retracement(s) to the previous levels.
A farm rolls preview will follow on Thursday when a clearer picture of market sentiment is available.
