Price is consolidating within a triangle and is lining up for a possible bounce. We’re seeing major support above 1.3300 to 1.3311 (50% Fibonacci retracement, 76.4% Fibonacci retracement, horizontal overlap support) and a strong bounce could occur at this level to push price up to at least 1.3457 resistance (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance). Our next major level of support is at 1.3210 (Fibonacci retracement, horizontal swing low support).
Stochastic (34,3,1) is seeing ascending support possibly signaling a bounce is impending.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (34,3,1) is seeing ascending support possibly signaling a bounce is impending.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results