Price is approaching our first resistance at 1.0946 (horizontal swing high resistance, 100% Fibonacci extension, 78.6% Fibonacci retracement) where price might drop to its support at 1.0885 (100% Fibonacci extension , 61.8% Fibonacci retracement , horizontal swing low support). Stochastic (34,5,3) is approaching its resistance where we might see a corresponding drop in price should it react off this level.Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.