Price is reacting below our pivot level at 110.165 which is in line with 38.2% Fibonacci retracement level. Price can potentially take support at 109.224, which is in line with 78.6% Fibonacci retracement level, 127.2% Fibonacci retracement level & horizontal swing low support. Alternatively, price may rise up to our resistance at 110.735, which coincides with 88% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing high resistance . This is further supported by price rejecting the ascending trendline support-turned-resistance.
Pivot:
110.165
Why we like it:
38.2% Fibonacci retracement level
1st Support:
109.224
78.6% Fibonacci retracement level, 127.2% Fibonacci retracement level & horizontal swing low support
1st Resistance:
110.735
88% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing high resistance
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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.