Price is facing bearish pressure from our first resistance level, in line with our descending trend line, in line with our horizontal pullback resistance, 38.2% fibonacci retracement where we could see a reversal below this level. Ichimoku cloud is showing signs of bearish pressure as well, in line with our bearish bias.
Trading Recommendation
Entry: 103.637
Reason for Entry:
horizontal pullback resistance, 38.2% fibonacci retracement
Take Profit: 103.003
Reason for Take Profit:
100% Fibonacci extension, 78.6% Fibonacci retracement and horizontal swing low support
Stop Loss: 103.836
Reason for Stop Loss:
61.8% Fibonacci retracement and horizontal overlap resistance
