Price is facing bearish pressure as it continues to hold below the descending trendline resistance, in line with our bearish bias. We could potentially see a reversal at 1st resistance, which is in line with our 61.8% Fibonacci retracement, 50% Fibonacci extension and horizontal pullback resistance, and a further drop towards 1st support, in line with our 78.6% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing low support. Stochastics is also approaching the upper resistance level at 86.80 where it has reacted off before, in line with our analysis.
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Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.