Price is testing the descending trendline and our first resistance at 1.27416, which is in line with our 50% Fibonacci extension, 50% Fibonacci retracement and horizontal swing high resistance. It could potentially drop further to our first support at 1.26889, in line with our 50% Fibonacci extension and horizontal swing low support. It is also worth noting that the price is holding below EMA (55), which shows bearish pressure in line with our analysis.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.