Price is facing bearish
pressure from our first resistance at 1295.48 (short term descending line, 50%, 61.8% Fibonacci retracement
, Horizontal overlap resistance, 61.8% Fibonacci extension
) where we can expect a further drop
to our major support level
at 1278.19 (61.8% Fibonacci retracement
, Horizontal overlap support).
is also approaching resistance.
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