Price is facing bearish pressure from our descending trendline resistance and Ichimoku cloud, in line with our bearish bias. Price could potentially reverse at our 1st resistance at 0.98153, which is in line with our 61.8% Fibonacci retracement and 78.6% Fibonacci extension, towards our 1st support at 0.97863, which is line with our 100% Fibonacci extension. Ichimoku cloud is also showing bearish pressure in line with our analysis.
Trading Recommendation
Entry: 0.98153
Reason for Entry:
78.6% Fibonacci extension, 61.8% Fibonacci retracement and horizontal overlap resistance
Take Profit: 0.97863
Reason for Take Profit:
100% Fibonacci extension and horizontal swing low support
Stop Loss: 0.98340
Reason for Stop Loss:
127.2% Fibonacci extension and horizontal swing high resistance
