Price is facing bearish pressure as it continues to hold below the moving average and descending trendline resistances in line with our bearish bias. We expect a medium probability bearish drop from our pivot towards our 1st support at 1.25408. Otherwise, a break above the pivot should see price swing towards 1st resistance at 1.26397. It is worth noting that MACD is also holding below the 0 line, in line with our analysis.
Pivot: 1.25976
Supporting Points:
38.2% Fibonacci retracement, 61.8% Fibonacci extension and graphical overlap resistance
1st Support: 1.25408
Supporting Points:
-27.2% Fibonacci retracement and 61.8% Fibonacci extension
1st Resistance: 1.26397
Supporting Points:
127.2% Fibonacci extension and graphical swing high resistance
Trading FX & CFDs carries high risk.
Pivot: 1.25976
Supporting Points:
38.2% Fibonacci retracement, 61.8% Fibonacci extension and graphical overlap resistance
1st Support: 1.25408
Supporting Points:
-27.2% Fibonacci retracement and 61.8% Fibonacci extension
1st Resistance: 1.26397
Supporting Points:
127.2% Fibonacci extension and graphical swing high resistance
Trading FX & CFDs carries high risk.
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