Price is approaching an area of resistance at 16.31 (38.2% Fibonacci retracement, 61.8% Fibonacci extension, horizontal pullback resistance) and a strong reaction could occur at this level. Our next level of major resistance is at 16.63 (38.2% Fibonacci retracement, horizontal pullback resistance) and our next major level of support is at 15.62 (Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) is seeing major resistance at 99% where a corresponding reaction could occur.
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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.