Description
Price is approaching our Pivot point of 1.22347, which is in line with our 78.6% Fibonacci retracement, 61.8% Fibonacci extension and descending channel resistance, where we could see a potential drop at this level to our first support level of 1.21688, in line with 61.8% Fibonacci extension and horizontal graphical overlap. It is worth noting that price is trending within the descending channel in line with our bearish view.
Pivot: 1.22347
Why we like it:
78.6% Fibonacci retracement, 61.8% Fibonacci extension and descending channel resistance
1st Support: 1.21688
Why we like it:
61.8% Fibonacci extension and horizontal graphical overlap.
1st Resistance: 1.22592
Why we like it:
78.6% Fibonacci extension and horizontal graphical resistance.
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point of 1.22347, which is in line with our 78.6% Fibonacci retracement, 61.8% Fibonacci extension and descending channel resistance, where we could see a potential drop at this level to our first support level of 1.21688, in line with 61.8% Fibonacci extension and horizontal graphical overlap. It is worth noting that price is trending within the descending channel in line with our bearish view.
Pivot: 1.22347
Why we like it:
78.6% Fibonacci retracement, 61.8% Fibonacci extension and descending channel resistance
1st Support: 1.21688
Why we like it:
61.8% Fibonacci extension and horizontal graphical overlap.
1st Resistance: 1.22592
Why we like it:
78.6% Fibonacci extension and horizontal graphical resistance.
Trading FX & CFDs carries high risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.