Is fibonacci one of the best tools in forex? (YES it is...)

FX:EURCAD   Euro / Canadian Dollar
In the first part of our chart you can see the bearish trend of our pair. When the price create a new lower low then we draw fib retracement levels. The price is bouncng on the 38.2% level so we think that it might be a good level for pushing the price down again. Then the price is starting to move lower.Then we can use fib extensions in order to determine our target. As you can see 1.272 level is the perfect target. Now let's move to part 2.

In part 2, the trend is bullish . What gives us a first sight of that is the trendline breakout. Then a new high is formed. Taking the fib retracement levels we can see that 38.2% is again a strong level of support. We are ready for placing long orders. We use fib extensions and determine out target at 1.3881, which is the 1.272 level.

Finally, we can see that fibonacci tools provide a great company for the traders. Not all the times, but most of them. We can find many examples. This is just one..
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