In the last few days we have seen a very choppy action. Although, I have decided to redraw the Fibonacci levels the studies are still showing us a potential for bearish extension. The key level is the old daily trend line and the 50% Fib level which both provide good resistance.
The support and resistance levels which have been calculated with Fibonacci retracement levels are as follow:
1.4527 - 61.8%
1.4401 – 50%
1.4274 – 38.2%
1.4117 – 23.6%
1.3863 – 0%
If the price hits the final resistance level of 1.3863 we should see a bounce back to 1.4117
If you have any questions please do not hesitate to contact me and remember to subscribe for more forex news.
Tomasz Gdynia
I assume a bounce back is a good thing?
ReplyDeleteI've been holding tight to a few investments. I'll be following this, great post.
ReplyDeleteFibonacci numbers are very interesting indeed!
ReplyDeleteGood analysis! Time will show if you are right or not.
ReplyDeleteMore bounceback. I still don't know if that is good or not though.
ReplyDeleteI have to admit I don't really understand all of this.
ReplyDeleteAgain really wishing I knew more about the subject but keeping up to date with this blog should help. Thanks!
ReplyDeletedont understand
ReplyDeleteSame here, the first post helps a little more though!
ReplyDeleteMind = Blown
ReplyDeleteHave you ever seen the movie pi you kind of sound like that. I have a hard time understanding this. Seems pretty technical.
ReplyDeletewow
ReplyDeleteInteresting stuff here, I should do some more research to understand what you're actually doing on a more fundamental level though.
ReplyDeleteHope the economy keeps getting better.
ReplyDeleteThis seems really interesting.
ReplyDeletecan you explain how exactly Fibonacci levels/numbers can be seen in the chart? what does green line represent? and red one?
ReplyDeleteI'm not fully understanding this, but I'm getting there!
ReplyDeletenice site!
ReplyDelete