bounced nicely off its support at 1.2343 (50% Fibonacci retracement
) where it is approaching its 1st resistance at 1.2444 (61.8% Fibonacci extension
x2, Horizontal swing high resistance) where a potential reversal may occur, pushing price back down to its 1st support or 2nd support at 1.2277 (61.8% Fibonacci retracement
, horizontal swing low). If it breaks past this level it could also fall to its 3rd support at 1.2162 (61.8% Fibonacci retracement
, L T 38.2% Fibonacci retracement
, multiple swing low support). We have also identified another resistance at 1.2522 (100% Fibonacci extension
, multiple swing high resistance).
(89, 5, 3) shows it approaching its resistance at 98.04% where a corresponding reaction could occur.
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