Price is approaching our 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 is showing signs of bearish pressure as well, in line with our bearish bias.
Trading Recommendation
Entry: 1.21167
Reason for Entry:
horizontal pullback resistance, 38.2% fibonacci retracement and 100% fibonacci extension
Take Profit: 1.20548
Reason for Take Profit:
horizontal swing low support
Stop Loss: 1.21450
Reason for Stop Loss:
50% fibonacci retracement
