XAGUSD, Approaching key support. Potential for bounce.
Description:
Price currently holding above Ichimoku cloud, showing room for possible further bullish momentum. We see a medium probability bullish scenario above our pivot 23.7767, with 1st resistance at 25.0226 as a possible target. Failure to hold above pivot at 23.7767 would see price swing the other way towards 1st support at 22.9385.
Pivot: 23.7767
Supporting Points:
23.8% Fibonacci retracement, Graphical swing low support, 78.6% Fibonacci extension
1st Support: 22.9385
Supporting Points:
61.8% Fibonacci retracement, Graphical overlap support
1st Resistance: 25.0226
Supporting Points:
Graphical swing high resistance
Trading FX & CFDs carries high risk.
Price currently holding above Ichimoku cloud, showing room for possible further bullish momentum. We see a medium probability bullish scenario above our pivot 23.7767, with 1st resistance at 25.0226 as a possible target. Failure to hold above pivot at 23.7767 would see price swing the other way towards 1st support at 22.9385.
Pivot: 23.7767
Supporting Points:
23.8% Fibonacci retracement, Graphical swing low support, 78.6% Fibonacci extension
1st Support: 22.9385
Supporting Points:
61.8% Fibonacci retracement, Graphical overlap support
1st Resistance: 25.0226
Supporting Points:
Graphical swing high resistance
Trading FX & CFDs carries high risk.
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