Price is facing bearish pressure as it is now trending below the EMA(21), in line with our bearish bias. A drop from our pivot at 103.691 towards 1st support at 103.277 could be possible. Failing to edge below the pivot would see price swing towards 1st resistance where graphical swing high is.
Trading Recommendation
Entry:103.691
Reason for Entry:
horizontal pullback support, 61.8% fibonacci retracement and 78.6% fibonacci extension
Take Profit: 103.277
Reason for Take Profit:
61.8% Fibonacci retracement and 78.6% fib extension
Stop Loss: 104.077
Reason for Stop Loss:
Graphical swing high resistance
