Price is reacting above our pivot level at 1.17085, in-line with 61.8% Fibonacci retracement level and horizontal overlap support. Price can potentially swing towards resistance at 1.17700, in-line with 38.2% Fibonacci retracement level, 100% Fibonacci extension and 200MA. RSI has also bounced off retest from descending trendline breakout indicating possible further bullish momentum.
Alternatively, price may drop to our support at 1.16645, in-line 100% Fibonacci retracement level, 161.8% Fibonacci extension and swing low support.
Pivot:
1.17085
Why we like it:
61.8% Fibonacci retracement level and horizontal overlap support
1st Support:
1.16645
Why we like it:
100% Fibonacci retracement level, 161.8% Fibonacci extension and swing low support
1st Resistance:
1.17700
Why we like it:
38.2% Fibonacci retracement level, 100% Fibonacci extension and 200MA
Trading FX & CFDs carries high risk.
Alternatively, price may drop to our support at 1.16645, in-line 100% Fibonacci retracement level, 161.8% Fibonacci extension and swing low support.
Pivot:
1.17085
Why we like it:
61.8% Fibonacci retracement level and horizontal overlap support
1st Support:
1.16645
Why we like it:
100% Fibonacci retracement level, 161.8% Fibonacci extension and swing low support
1st Resistance:
1.17700
Why we like it:
38.2% Fibonacci retracement level, 100% Fibonacci extension and 200MA
Trading FX & CFDs carries high risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.