On the Daily time frame, prices are approaching the resistance zone at 164.50, in line with the descending channel’s resistance and Fibonacci confluence levels where we could see a reversal below this area to the support target at 156.80. Failure to hold below the resistance zone at 164.50 could see a push up to the resistance target at 167.90. Stochastic is facing bearish pressure from its resistance as well where we could see limited upside before it reaches resistance at 96.70.
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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.