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Analyst Piece

Fibonacci Confluence on FX Pairs

Talking Points: - As looked at earlier in this module,Fibonacci retracements can help traders to identify possible support/resistance. - We’ve previously discussed how a trader can use Fibonacci retracements on long-term-charts, and by focusing on multiple major moves traders may be able to glean confluent areas of support/resistance. This can provide multiple reasons for buyers or sellers to defend these key spots on the chart, keeping the door open for reversals or retracements.
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