Well last week I posted the graphic showing how the 50 fib level provided resistance to the strong rally we were seeing all week and reminded everyone of the powerful tool that fibonacci levels are to trading. Well now the next level up, and one of the most crucial levels to know about, 61.8 has provided a stronger source of resistance by capping any rallies above it three days in a row. We have now seen a sell-off that currently finds support at the 50 fib level (support turned resistance). The pair is now consolidating in a tight range between 1.2790 and 1.2830. Whichever of those two levels is broken first, that’s the next entry setup for you to take advantage of.
Thanks for the interesting read, even though it did take quite a long time to understand. (English is not my national tongue) Can I ask where you got your information from? Many thanks!
You can simply use this site to learn more about fibonacci or anything else I post. Questions and comments are the best ways to learn.
I would like to exchange links with your site forex-nation.com
Is this possible?
Sorry bitie but I checked out your site and it has nothing to do with forex. I’m very exclusive when it comes to adding any outside links because I want my site to be very relevant to what I teach.