is approaching our first resistance at 1325.87 (horizontal swing high resistance, 100% Fibonacci extension
, 38.2% Fibonacci retracement
) which coincides with our short term descending resistance line. A strong reaction might occur below this level, pushing price down to our major support at 1302.72 (horizontal swing low support, 161.8% Fibonacci retracement
). A breakout below our intermediate support at 1317.34 (horizontal overlap support, 38.2% Fibonacci retracement
) might provide the bearish
acceleration to our major support target.
(89,5,3) is also approaching our major resistance and a reaction off this level might be a good precursor for a potential drop
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Losses can exceed the initial investment so please ensure you fully understand the risks.