Price is facing bearish pressure from our resistance, in line with our descending trend line, horizontal overlap resistance, 23.6% fibonacci retracement and 61.8% 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: 105.164
Reason for Entry:
descending trend line, horizontal overlap resistance, 23.6% fibonacci retracement and 61.8% fibonacci extension
Take Profit: 104.345
Reason for Take Profit:
127.2% fibonacci extension, horizontal swing low support from July 2020
Stop Loss: 105.570
Reason for Stop Loss:
Horizontal pullback resistance, 50% fibonacci retracement
