I picked a major as you mentioned and charted my key levels of support and resistance.
However, upon using your fib strategy and looking at different time frames, I noticed that I could see the wedge forming which I believe is currently bearish. Currently this pair is trying to retrace to the 61.8 level but if it breaks, I feel comfortable shorting for a risk/reward ratio that would be something well over 2:1.
If this pair bounces off of support, I'd like to see it break that .67900 level to illustrate a breakout and potential reversal to the long side.
However, upon using your fib strategy and looking at different time frames, I noticed that I could see the wedge forming which I believe is currently bearish. Currently this pair is trying to retrace to the 61.8 level but if it breaks, I feel comfortable shorting for a risk/reward ratio that would be something well over 2:1.
If this pair bounces off of support, I'd like to see it break that .67900 level to illustrate a breakout and potential reversal to the long side.