Price is approaching pivot level of 1.17041, which is in line with 88% Fibonacci retracement levelhorizontal overlap support. A reversal from this level may see price take resistance at price 1.17592. This level coincides with 38.2% Fibonacci retracement levelhorizontal overlap resistance. Finally, we can expect price to take support at 1.16641-27.2% Fibonacci retracement levelhorizontal swing low support . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
1.17041
Why we like it:
88% Fibonacci retracement level horizontal overlap support
1st Support:
1.16641
Why we like it:
-27.2% Fibonacci retracement level horizontal swing low support
1st Resistance:
1.17592
Why we like it:
38.2% Fibonacci retracement level horizontal overlap resistance
Trading FX & CFDs carries high risk.