Price is facing bearish pressure from our first resistance, in line with our descending trend line, 23.6% fibonacci retracement, 100%, 78.6% fibonacci extension 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: 79.092
Reason for Entry:
23.6% fibonacci retracement, 100%, 78.6% fibonacci extension and horizontal pullback resistance
Take Profit: 77.641
Reason for Take Profit:
Horizontal swing low support
Stop Loss: 79.666
Reason for Stop Loss:
38.2% fibonacci retracement, horizontal swing high resistance
