Price is approaching our first resistance, in line with our descending trend line, 23.6% fibonacci retracement and 100% fibonacci extension where we could see a reversal below this level. 20 Period EMA and the Ichimoku cloud are showing signs of bearish pressure as well.
Trading Recommendation
Entry: 0.72901
Reason for Entry:
descending trend line, 23.6% fibonacci retracement and 100% fibonacci extension
Take Profit: 0.72090
Reason for Take Profit:
Horizontal pullback support, 76.4% fibonacci retracement
Stop Loss: 0.73394
Reason for Stop Loss:
Horizontal swing high resistance, 50% fibonacci retracement
