Price is approaching our first major resistance at 132.89 (horizontal swing high resistance, 100% Fibonacci extension, Elliot wave structure). A strong reaction could occur below this level, pushing price down to our major support at 131.82 (horizontal overlap support, 38.2% Fibonacci retracement, 61.8% Fibonacci extension). A breakout below our intermediate support at 132.15 (horizontal swing low support) might provide the bearish acceleration to our major support level.
Stochastic (89,5,3) is also seeing a bearish divergence and is approaching our major resistance and we might see a corresponding drop in price should it react off this level.
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Stochastic (89,5,3) is also seeing a bearish divergence and is approaching our major resistance and we might see a corresponding drop in price should it react off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results