ForexPros Daily Analysis December 08, 2010
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Fibonacci ratios are a very popular tool among technical traders and price has an uncanny way of respecting Fibonacci ratios.
There are different kinds of Fibonacci ratios like, retracements, expansions, projections, fans etc, and each of them have a different characteristic and a different use.
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The EURUSD pair has hit a major support at 1.31948 and has moved back up.
However, from my previous analysis of this pair, it has broken down the major support on the daily chart.
On the 4 hour chart, you can see that the price is unable to create higher high which is a sign of weaknesses in the buyer.
As a whole, I will continue to look for short opportunity for this pair as long as it breaks below the 1.31948 support level.
Forex Trading Analysis written by Kelvin Lee for ForexPros. For more information about currency charts visit ForexPros.
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