Price is approaching our first resistance, in line with our horizontal pullback resistance, 38.2% fibonacci retracement and 100% fibonacci extension where we could see a reversal below this level. The Ichimoku cloud and 20 period EMA are showing signs of bearish pressure as well.
Trading Recommendation
Entry: 105.822
Reason for Entry:
horizontal pullback resistance, 38.2% fibonacci retracement and 100% fibonacci extension
Take Profit: 105.368
Reason for Take Profit:
-27.2% fibonacci retracement
Stop Loss: 106.000
Reason for Stop Loss:
Horizontal pullback resistance, 100% fibonacci extension, 61.8% fibonacci retracement
