is testing our first support at 1.2228 (horizontal swing low support, 61.8% Fibonacci extension
, 76.4% Fibonacci retracement
, Elliot wave
structure). A bounce might occur above this level, pushing price up to our major resistance at 1.2341 (50%, Fibonacci retracement
, horizontal swing high resistance). A breakout of our intermediate resistance at 1.2285 (23.6% Fibonacci retracement
, horizontal overlap resistance) might provide the bullish
acceleration to our major resistance level
(55,5,3) is also approaching our major support and a bounce off this level might be a good precursor of a potential rise in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.