Price is approaching our first support at 109.24 (horizontal overlap support, short term ascending support line, 61.8% Fibonacci retracement). A strong bounce might occur above this level, pushing price up to our major resistance at 110.33 (horizontal overlap resistance, 61.8% Fibonacci retracement). A breakout above our intermediate resistance at 109.97 (horizontal swing high resistance, 50% Fibonacci retracement) might provide the bullish acceleration to our major resistance level.
RSI (89) is also approaching our major support where we might see a corresponding rise in price should it bounce off this level.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
RSI (89) is also approaching our major support where we might see a corresponding rise in price should it bounce off this level.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results