Description:
Price is reversing from the pivot. We expect a medium probability bearish scenario as price continues to push below our pivot at 1.20934 towards our 1st support at 1.20421. Otherwise, a break above the pivot should see price swing towards 1st resistance at 1.21120. It is noteworthy that price is trending under a descending trendline and MACD is below 0, in line with our bearish analysis.
Pivot: 1.20934
Supporting Points:
127% Fibonacci retracement, 78.6% Fibonacci extension and horizontal graphical overlap resistance
1st Support: 1.20421
Supporting Points:
-61.8% fibonacci retracement and 127% Fibonacci extension
1st Resistance: 1.21120
Supporting Points:
50%, 61.8% Fibonacci extension and graphical overlap resistance
Trading FX & CFDs carries high risk.
Price is reversing from the pivot. We expect a medium probability bearish scenario as price continues to push below our pivot at 1.20934 towards our 1st support at 1.20421. Otherwise, a break above the pivot should see price swing towards 1st resistance at 1.21120. It is noteworthy that price is trending under a descending trendline and MACD is below 0, in line with our bearish analysis.
Pivot: 1.20934
Supporting Points:
127% Fibonacci retracement, 78.6% Fibonacci extension and horizontal graphical overlap resistance
1st Support: 1.20421
Supporting Points:
-61.8% fibonacci retracement and 127% Fibonacci extension
1st Resistance: 1.21120
Supporting Points:
50%, 61.8% Fibonacci extension and graphical overlap resistance
Trading FX & CFDs carries high risk.