Description:
Price is approaching our pivot point of 1.22319 at the 76.4% fibonacci retracement, 78.6% Fibonacci extension level and descending trendline resistance. A drop from our pivot at 1.22319 towards 1st support at 1.22056 could be possible. Otherwise, a break above the pivot should see price swing towards 1st resistance at 1.22524. Note that price is trending under a descending trendline, in line with out bearish analysis.
Pivot: 1.22319
Supporting Points:
76.4% fibonacci retracement, 78.6% Fibonacci extension level and descending trendline resistance
1st Support: 1.22056
Supporting Points:
50% Fibonacci retracement, 50% Fibonacci extension and horizontal graphical overlap support
1st Resistance: 1.22524
Supporting Points:
127% Fibonacci extension and Horizontal graphical swing high resistance.
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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.