In the last few days we have seen a very choppy action. Although, I have decided to redraw the Fibonacci levels the studies are still showing us a potential for bearish extension. The key level is the old daily trend line and the 50% Fib level which both provide good resistance.
The support and resistance levels which have been calculated with Fibonacci retracement levels are as follow:
1.4527 - 61.8%
1.4401 – 50%
1.4274 – 38.2%
1.4117 – 23.6%
1.3863 – 0%
If the price hits the final resistance level of 1.3863 we should see a bounce back to 1.4117
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