is testing its major resistance level
at 0.7825 (horizontal overlap resistance, 38.2%, 61.8% Fibonacci retracement
) which coincides with the long term descending resistance line. A strong reaction could occur at this level, pushing price down to our next major support level
at 0.7729 (horizontal overlap support, 61.8% Fibonacci retracement
, 61.8% Fibonacci extension
(55) is also testing its descending resistance line at 53% along with an ascending support line and we are seeing a short squeeze. A bearish
breakout of the support level
would be a good precursor of a potential drop.
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Losses can exceed the initial investment so please ensure you fully understand the risks.