Price is reacting below our pivot level at 0.70778 which is in line with 100% Fibonacci extension level, 50.0% Fibonacci retracement level & horizontal overlap resistance. Price can potentially take support at 0.69804, which is in line with 61.8% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support. Alternatively, price may rise up to our resistance at 0.71353, which coincides with 127.2% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal overlap resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot: 0.70778 Why we like it: 100% Fibonacci extension level, 50.0% Fibonacci retracement level & horizontal overlap resistance
1st Support: 0.69804 Why we like it: 61.8% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support
1st Resistance: 0.71353 Why we like it: 127.2% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal overlap resistance Trading FX & CFDs carries high risk.