Description Price is reversing from our Pivot point at 0.88439 which is in line with 78.6%, 38.2% fibonacci retracement, 50% Fibonacci extension and horizontal graphical support. We could potentially see price drop from our Pivot point towards our 1st support level at 0.87964. It is worth noting that the price is trending under the EMA (89) and Ichimoku cloud, in line with our bearish analysis.
Pivot: 0.88439 Why we like it: 78.6%, 38.2% fibonacci retracement, 50% Fibonacci extension and horizontal graphical resistance.
1st Support: 0.87964 Why we like it: 50% Fibonacci extension, 127% Fibonacci retracement and horizontal swing low support
1st Resistance: 0.88730 Why we like it: 78.6% Fibonacci extension, 50%, 61.8% fibonacci retracement and horizontal graphical overlap. Trading FX & CFDs carries high risk.
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