Preference:

Price is reacting at the graphical overlap, we can then expect price to make a reversal. We can expect price to drop from pivot level in line with 61.8% Fibonacci projection towards 1st Support in line with 127.2% Fibonacci projection and 38.2 % Fibonacci retracement.

Alternative Scenario:

Alternatively, price might push up to the 1st resistance in line with 78.6% Fibonacci projection.

Improve Your Trading

Did you know that SuperTrader Markets has a VIP room where you can learn to trade from a team of award-winning analysts?

Check out our exclusive Live Trading Room where you can ask questions directly to a team of CFA, CMT, CFTe accredited analysts.