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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