How to Use Forex Fibonacci Retracement Levels

Some of the Fibonacci numbers are more important for Forex traders. Indeed, , , and are the ones that work for us. and are also important but not as the derivatives.

It needs some experience and can make you confused and waste your time. And, the list can go on. The price that started going down on 23 Nov , touched the Accuracy of the levels constructed by such technique will be much higher.

How to Use Fibonacci Retracement Levels

Fibonacci levels are commonly used in forex trading to identify and trade off support and resistance levels. After a significant price movement up or down, the new support and resistance levels are often at or near these trend lines. What Are Fibonacci Retracements? Fibonacci retracements identify key levels of support and resistance.

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