Type:

Bearish Reversal

Support: 109.594

Resistance: 110.077

Pivot: 109.966

Preference:

Price is currently consolidating in a downward channel and approaching our pivot at 109.966 in line with 88% Fibonacci retracement and parallel declining channel. Price could potentially bounce and pullback towards our 1st support at 109.594 in line with 50% Fibonacci retracement and graphical overlay.

Alternative Scenario:

Alternatively, Price Could Climb To Our 1st Resistance At 110.077 In Line With Our Parallel Descending Channel And Graphical Swing High.