On the M30 time frame, a pullback to the resistance zone at 1.2850, in line with the graphical resistance area and 78.6% Fibonacci extension presents an opportunity to play the drop. A break below our downside confirmation level at 1.2835 could provide the bearish acceleration to our support zone at 1.2790. This support zone coincides with the 78.6% Fibonacci retracement. Prices are holding below the Ichimoku cloud indicator as well, supporting the bearish bias.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.