Description:
Price has bounced from our Pivot at 1.27705 and is holding above the fibonacci confluence level. We see a medium probability bullish scenario for a rise above the pivot towards 1st resistance at 1.28202 as a possible target. Otherwise, should price fail to hold above our Pivot, we could see price swing the other way towards our 1st support at 1.27260. It’s worth noting that price is facing bullish pressure from Stochastics where it has previously bounced from the 17% level.
Pivot: 1.27705
Supporting Points:
38.2% fibonacci retracement, 88% fibonacci extension and horizontal support level
1st Support: 1.27260
Supporting Points:
61.8% Fibonacci retracement and horizontal graphical overlap
1st Resistance: 1.28202
Supporting Points:
78.6% fibonacci retracement and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
Price has bounced from our Pivot at 1.27705 and is holding above the fibonacci confluence level. We see a medium probability bullish scenario for a rise above the pivot towards 1st resistance at 1.28202 as a possible target. Otherwise, should price fail to hold above our Pivot, we could see price swing the other way towards our 1st support at 1.27260. It’s worth noting that price is facing bullish pressure from Stochastics where it has previously bounced from the 17% level.
Pivot: 1.27705
Supporting Points:
38.2% fibonacci retracement, 88% fibonacci extension and horizontal support level
1st Support: 1.27260
Supporting Points:
61.8% Fibonacci retracement and horizontal graphical overlap
1st Resistance: 1.28202
Supporting Points:
78.6% fibonacci retracement and horizontal swing high resistance.
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.