Price is approaching our first resistance at 82.59 (horizontal swing high resistance, 50% Fibonacci retracement) and a strong drop might occur below this level, pushing price down to our major support at 81.19 (horizontal swing low support, 61.8% Fibonacci extension, 78.6% Fibonacci retracement). A breakout below our intermediate support at 81.98 (horizontal overlap support, 38.2% Fibonacci retracement) might provide the bearish acceleration to our major support level.
Stochastic (89,5,3) is also approaching our major resistance where a reaction off this level might be a good precursor for a potential drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk
Stochastic (89,5,3) is also approaching our major resistance where a reaction off this level might be a good precursor for a potential drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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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.