Price is facing bearish pressure as it continues to hold below the descending trendline resistance in line with our bearish bias. We expect a medium probability bearish drop from our pivot towards our 1st support at 1.25213. Otherwise, a break above the pivot should see price swing towards 1st resistance at 1.27119. It is worth noting that the Stochastic indicator has just reversed from the upper resistance level where it has reacted from before as well.
Pivot: 1.26446 Supporting Points: 61.8% Fibonacci retracement, 127.2% Fibonacci extension and graphical swing high resistance
1st Support: 1.25213 Supporting Points: 76.4% Fibonacci retracement, 78.6% Fibonacci extension and graphical pullback support
1st Resistance: 1.27119 Supporting Points: 127.2% Fibonacci retracement and graphical swing high resistance