Price is approaching our first support in line with our 50% Fibonacci extension, 38.2% Fibonacci retracement and horizontal overlap support, where we remain bullish above this level. A small bounce and then a further rise above first support at 3.50954 towards first resistance at 3.57843 could be possible. It is also worth noting that RSI remains above the ascending trend line, which shows bullish pressure in line with our analysis.
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Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results