On the M30 time frame, prices are facing bearish pressure from the resistance zone at 1.12900 which coincides with the graphical support-turned-resistance zone, 61.8% Fibonacci retracement and 100% Fibonacci extension. A pullback to the 1.12900 resistance zone presents an opportunity to play the drop to the support target at 1.11500, in line with the 78.6% Fibonacci extension. Ichimoku cloud is showing signs of bearish pressure as well, supporting the bearish bias.
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.