Type:

Bearish Reversal

Resistance: 115.814

Support: 112.088

Pivot: 114.61

Preference:

Price has been consolidating in ascending channel. We spot a potential entry for shorts at our pivot at 114.61 which is a graphical swing high and in line with our parallel channel towards our 1st support at 112.088 which is a graphical overlap and in line with 50% Fibonacci retracement.

Alternative Scenario:

Alternatively, price may climb higher towards our 1st resistance at 115.814 in line with 161.8% Fibonacci extension.