Price is approaching our first support at 1.230 (horizontal overlap support, 61.8% Fibonacci extension, 50% Fibonacci retracement) and a strong bounce might occur, pushing price up to our major resistance at 1.2421 (horizontal swing high resistance, 78.6% Fibonacci retracement, 61.8% Fibonacci extension). A breakout above our intermediate resistance at 1.2378 (horizontal swing high resistance, 61.8% Fibonacci extension) might provide the bullish acceleration to our major resistance level.
Stochastic (55,5,3) is also approaching our major support and short term ascending support line and a bounce off this level might be a good precursor for a potential rise in price.
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Stochastic (55,5,3) is also approaching our major support and short term ascending support line and a bounce off this level might be a good precursor for a potential rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results