FR confirms the uptrend
The application of the Fibonacci Retracement tool produces a remarkable observation which is also an indication that the uptrend is still valid. What is observed is the inability of a downward break of the price level FR 61.8 at the price of 1.3830. In case of a buy order this could be a good Stop Loss level.
The fact that the exchange rate is very close to the psychological level of 1.4000, may cause nervousness to market participants. An upward splitting in the FR 23.6 price level at 1.4020 could be considered a safe threshold for a trade.
The fact that the exchange rate is very close to the psychological level of 1.4000, may cause nervousness to market participants. An upward splitting in the FR 23.6 price level at 1.4020 could be considered a safe threshold for a trade.
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