Price has reversed nicely below our resistance area at 0.7050 (61.8% Fibonacci retracement, Multiple 38.2% Fibonacci retracement, 100% Fibonacci extension, overlap resistance) and a strong drop in price could occur after breaking our 0.6980 support level. Our next major level of resistance is at 0.7214 (Fibonacci retracement, horizontal swing high resistance) and our next major level of support is at 0.6823 (Fibonacci extension, horizontal swing low support).
Stochastic (55,5,3) is seeing major resistance below 98% and a corresponding drop from here could occur with good downside potential.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (55,5,3) is seeing major resistance below 98% and a corresponding drop from here could occur with good downside potential.
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