EURJPY testing resistance, potential drop!
Price is testing our first resistance at 133.00 (horizontal overlap resistance, 100% Fibonacci extension, 50% Fibonacci retracement). A strong drop might occur below this level, pushing price down to our major support at 130.13 (horizontal swing low support, 76.4% Fibonacci retracement). A breakout below our intermediate support at 131.11 (horizontal swing low support, 61.8% Fibonacci retracement, 100% Fibonacci extension) might provide the bearish acceleration to our major support level.
RSI (55) is also seeing a bearish divergence, a good precursor for a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (55) is also seeing a bearish divergence, a good precursor for a potential drop in price.
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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