Price has reversed nicely below our resistance area
at 0.7050 (61.8% Fibonacci retracement
, Multiple 38.2% Fibonacci retracement
, 100% Fibonacci extension
, overlap resistance) and a strong drop in price could occur after breaking our 0.6980 support level
. Our next major level of resistance is at 0.7214 ( Fibonacci retracement
, horizontal swing high resistance) and our next major level of support is at 0.6823 ( Fibonacci extension
, horizontal swing low support).
(55,5,3) is seeing major resistance below 98% and a corresponding drop from here could occur with good downside potential.
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Losses can exceed the initial investment so please ensure you fully understand the risks.