61% Fibonacci

There’s a lot going on the weekly EURUSD chart - some clear and not so clear signs of a potential reversal move. First, the pair is testing resistance at the 61% Fibonacci area, and this also happens to be a previously tested resistance area back in December 2008 we quickly saw sellers push the pair back lower. Stochastics are still indicating overbought conditions, suggesting the rally could be running out of steam. Will previous resistance hold again

What does 61% Fib level mean?

You can probably find answers to all your questions here:

Fibonacci Retracement: The Free Forex Encyclopedia

What is Fibonacci retracement, and where do the ratios that are used come from?