Price is testing our first support at 89.40 (horizontal swing low support, 76.4% Fibonacci retracement) which coincides with our short term ascending support line. A strong bounce might occur above this level, pushing price up to our major resistance at 89.94 (horizontal swing high resistance, 50% Fibonacci retracement).
Stochastic (89,5,3) is also approaching our major resistance and we might see a corresponding rise in price should it bounce off this level.
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This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results