Price is facing bearish pressure from our descending trendline and first resistance, in line with our 23.6% fibonacci retracement and 78.6% fibonacci extension where we could see a further drop below this level to our first support target. Ichimoku cloud is showing signs of bearish pressure as well.
Trading Recommendation
Entry: 105.945
Reason for Entry:
descending trendline and first resistance, in line with our 23.6% fibonacci retracement and 78.6% fibonacci extension
Take Profit: 105.286
Reason for Take Profit:
Horizontal overlap support, 61.8% fibonacci retracement
Stop Loss: 106.364
Reason for Stop Loss:
50% fibonacci retracement
