Price is facing bearish pressure from our first resistance, in line with our 23.6% fibonacci retracement and horizontal pullback resistance where we could see a reversal below this level to our first support level. The 20 period EMA and Ichiomku cloud are showing signs of bearish pressure in line with our bearish bias.
Trading Recommendation
Entry: 0.66163
Reason for Entry:
23.6% fibonacci retracement and horizontal pullback resistance
Take Profit: 0.64958
Reason for Take Profit:
Horizontal swing low support and 161.8% fibonacci extension
Stop Loss: 0.66772
Reason for Stop Loss:
Horizontal overlap resistance, 38.2% fibonacci retracement
