EURJPY approaching resistance, potential drop!
Price is testing our first resistance at 129.96 (horizontal overlap resistance, 161.8% Fibonacci extension, Elliot wave structure). A strong reaction might occur below this level, pushing price down to our major support at 129.07 (horizontal swing low support, 100% Fibonacci extension). Ichimoku cloud is also showing signs of bearish pressure, in line with our bearish bias.
RSI is also approaching our major resistance and 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.
RSI is also approaching our major resistance and 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.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
Feragatname
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