Price is testing resistance in line with our 38.2% fibonacci retracement, 61.8% fibonacci extension and horizontal swing high resistance where we could see a reversal below this level to our first support target. Ichimoku cloud is showing signs of bearish pressure as well, in line with our bearish bias.
Trading Recommendation
Entry: 0.77150
Reason for Entry:
38.2% fibonacci retracement, 61.8% fibonacci extension and horizontal swing high resistance
Take Profit: 0.76656
Reason for Take Profit:
horizontal swing low support, 127.2% fibonacci extension
Stop Loss: 0.77423
Reason for Stop Loss:
61.8% fibonacci retracement, horizontal pullback resistance
