Despite some skepticism from the peanut gallery yesterday, we’re still holding below the 61.8% retracement of the February/July decline at 1.2935.
Keep in mind, Fibo retracements are not the be-all-and-end all, but they are natural stall points, a great place for active traders to take a few chips off the table and look to improve the average.
For example, had you been long yesterday and wanted to book partial profits, selling against 1.2935 would allow you to be a buyer on dips (of which there have been almost none).
Looks like we could have a quiet morning waiting for Fed statement just afternoon and the press conference at mid-afternoon.
