Learning Trade Forex

There is not a specific currency pair in focus today, but the recent moves in this currency pair are a great example of the 0.618 Fibonacci in action. First we had a major low established recently and then we saw a very strong rally taking out some key resistance levels followed by a sell-off that exactly bottomed out at the 0.618 Fibonacci of the first corrective wave. The outlook looks higher from here as long as we maintain above the 1.6380 area low.