Euro / British PoundUpdated EURGBP testing the 0.618 Fibonacci Level 🦐
EURGBP on the 4-hour chart after the recent impulse to the upside has tested the 0.618 Fibonacci level. The Fibonacci retracement is a technical analysis tool used to identify potential levels of support and resistance in an asset's price movement. In this scenario, the 0.618 level acted as a support, which was confirmed by the upward price move.
Now, the market is approaching the weekly resistance level, and if the price breaks through it, it could indicate further bullish opportunities. Traders may look to enter long positions on a break of the weekly resistance, with the potential for a continuation of the bullish trend. It's important to note, however, that trading involves risk and one should always conduct thorough analysis and have a solid risk management strategy in place before making any trades as the Plancton's strategy teach.
Now, the market is approaching the weekly resistance level, and if the price breaks through it, it could indicate further bullish opportunities. Traders may look to enter long positions on a break of the weekly resistance, with the potential for a continuation of the bullish trend. It's important to note, however, that trading involves risk and one should always conduct thorough analysis and have a solid risk management strategy in place before making any trades as the Plancton's strategy teach.
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