Price is testing a key support zone at 133.80 on the H4 timeframe, which is in line with the 38.2% Fibonacci retracement. A throwback to this zone could present the opportunity to ride the bounce to the resistance zone at 135.20, which coincides with the 50% Fibonacci extension level and graphical high. Price is holding above the Ichimoku cloud and Stochastic RSI is in the oversold region below 20, supporting our bullish 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.