Price is facing bearish pressure as it continues to hold below the descending trendline in line with our bearish bias. We expect a medium probability bearish drop from our pivot towards our 1st support at 1.26484. Otherwise, a break above the pivot should see price swing towards 1st resistance at 1.27558. It is worth noting that the Stochastic indicator is also reversing at the upper resistance level at 91.08 where it has reacted from before.
Pivot: 1.27181
Supporting Points:
76.4% Fibonacci retracement, 38.2%, 100% Fibonacci extension and graphical overlap resistance
1st Support: 1.26484
Supporting Points:
61.8% Fibonacci retracement, 50% Fibonacci extension and graphical pullback support
1st Resistance: 1.27558
Supporting Points:
78.6% Fibonacci extension and graphical swing high resistance
Trading FX & CFDs carries high risk.
Pivot: 1.27181
Supporting Points:
76.4% Fibonacci retracement, 38.2%, 100% Fibonacci extension and graphical overlap resistance
1st Support: 1.26484
Supporting Points:
61.8% Fibonacci retracement, 50% Fibonacci extension and graphical pullback support
1st Resistance: 1.27558
Supporting Points:
78.6% Fibonacci extension and graphical swing high resistance
Trading FX & CFDs carries high risk.