Description:
Price is reversed from our Pivot at 1.27620 and is holding under the 78.6% fibonacci retracement, 88% and 100% fibonacci extension. We see a medium probability bearish scenario for a drop below the pivot towards 1st support at 1.27344 and ascending trendline, as a possible target. Otherwise, should price fail to hold under our Pivot, we could see price swing the other way towards our 1st resistance at 1.27898. It’s worth noting that price is facing bearish pressure from Stochastics where it has previously reversed from the 89% level.
Pivot: 1.27620
Supporting Points:
78.6% fibonacci retracement, 88% and 100% fibonacci extension
1st Support: 1.27344
Supporting Points:
50%, 61.8% fibonacci extension, 61.8% Fibonacci retracement, ascending trendline support and horizontal graphical overlap
1st Resistance: 1.27898
Supporting Points:
-27% fibonacci retracement, 127% fibonacci extension and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
Price is reversed from our Pivot at 1.27620 and is holding under the 78.6% fibonacci retracement, 88% and 100% fibonacci extension. We see a medium probability bearish scenario for a drop below the pivot towards 1st support at 1.27344 and ascending trendline, as a possible target. Otherwise, should price fail to hold under our Pivot, we could see price swing the other way towards our 1st resistance at 1.27898. It’s worth noting that price is facing bearish pressure from Stochastics where it has previously reversed from the 89% level.
Pivot: 1.27620
Supporting Points:
78.6% fibonacci retracement, 88% and 100% fibonacci extension
1st Support: 1.27344
Supporting Points:
50%, 61.8% fibonacci extension, 61.8% Fibonacci retracement, ascending trendline support and horizontal graphical overlap
1st Resistance: 1.27898
Supporting Points:
-27% fibonacci retracement, 127% fibonacci extension and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
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