Past performance is not indicative of future results.
Price is rising towards the pivot point of 1.34846 which is a swing-high resistance that aligns with the 61.8% Fibonacci projection level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 1.33823 which is an overlap support that aligns close to the 38.2% Fibonacci retracement level.
Alternative scenario:
If price breaks above the pivot point, it could hit the 1st resistance at 1.35353 which is a resistance level that aligns with the 127.2% Fibonacci extension level.
Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% and 71% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
