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A look at the short-term cable chart
A news-driven spike is the best time to use the Fibonacci lines, in my opinion.
Cable hit 1.3116 on the headlines but has been steadily giving it back. That dip continued until hitting 1.3054, which is right at the 61.8% retracement of the move.
That’s the line in the sand to watch for the rest of the day.
This article was originally published by Forexlive.com. Read the original article here.