Price is reversing from our Pivot point of 0.71893, which is in line with 61.8% Fibonacci retracement, 78.6% fibonacci extension, descending trendline resistance and moving average resistance. A potential drop from here towards our first support level of 0.71164, in line with the 50% fibonacci retracement and 100% fibonacci extension. Do note that price is trending under the moving average in line with our bearish analysis.
Description:
Pivot: 0.71893
Why we like it:
61.8% Fibonacci retracement, 78.6% fibonacci extension, descending trendline resistance and moving average resistance
1st Support: 0.71164
Why we like it:
-61.8% fibonacci retracement, 61.8% and 161.8% fibonacci extension.
1st Resistance: 0.72183
Why we like it:
127% fibonacci extension and horizontal swing high resistance.
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