Price has bounced from our Pivot point of 0.71919, which is in line with 23.6%, 50% Fibonacci retracement, 61.8% fibonacci extension, moving average support and horizontal graphical overlap. A potential rise from here towards our first resistance level of 0.72626, in line with the 88% fibonacci retracement, 161.8% fibonacci extension and horizontal graphical area. It is worth noting that price is trending above the descending trendline support and moving average, in line with our bullish analysis.
Description:
Pivot: 0.71919
Why we like it:
23.6%, 50% Fibonacci retracement, 61.8% fibonacci extension, moving average support and horizontal graphical overlap
1st Support: 0.71387
Why we like it:
61.8% fibonacci retracement, 127% fibonacci extension and horizontal swing low.
1st Resistance: 0.72626
Why we like it:
61.8%, 127% fibonacci retracement and horizontal graphical overlap
Trading FX & CFDs carries high risk.
Description:
Pivot: 0.71919
Why we like it:
23.6%, 50% Fibonacci retracement, 61.8% fibonacci extension, moving average support and horizontal graphical overlap
1st Support: 0.71387
Why we like it:
61.8% fibonacci retracement, 127% fibonacci extension and horizontal swing low.
1st Resistance: 0.72626
Why we like it:
61.8%, 127% fibonacci retracement and horizontal graphical overlap
Trading FX & CFDs carries high risk.