We're seeing price test a major resistance level at 1.9303 which is an overlap resistance along with a 23.6% Fibonacci retracement. It's worth noting that price is also in the middle of a strong bearish Ichimoku cloud suggesting further bearish momentum.
A reversal from here could see prices drop to major support at 1.9174 which is a recent swing low support.
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A reversal from here could see prices drop to major support at 1.9174 which is a recent swing low support.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.