Price is starting to see major resistance below 89.24 (50% Fibonacci retracement, 61.8% Fibonacci retracement, 78.6% Fibonacci retracement, horizontal swing high resistance, bearish price action) and a strong reaction could occur at this level to drive price down to 88.52 support (Fibonacci retracement, horizontal pullback support). Our next major level of resistance is at 89.71 (Fibonacci retracement, horizontal swing high resistance).
Stochastic (34,5,3) is dropping nicely below our 100% resistance level and shows good downside potential.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (34,5,3) is dropping nicely below our 100% resistance level and shows good downside potential.
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