Price is facing bearish pressure from our descending trendline resistance and 1st resistance level, in line with our horizontal overlap resistance, 76.4% Fibonacci retracement and 127.2% Fibonacci extension, where we could see a reversal below this level. Stochastics is approaching the resistance level at 87.1% as well, in line with our bearish bias.
Trading Recommendation
Entry: 103.846
Reason for Entry:
Horizontal overlap resistance, 76.4% Fibonacci retracement and 127.2% Fibonacci extension
Take Profit: 103.335
Reason for Take Profit:
76.4% Fibonacci extension and horizontal swing low support
Stop Loss: 104.078
Reason for Stop Loss:
161.8% Fibonacci extension and horizontal swing high resistance
