Price is facing bearish pressure from our first resistance in line with our horizontal pullback resistance and 23.6% fibonacci retracement where we could see a further drop to our first support target. The Ichimoku cloud is showing signs of bearish pressure as well, in line with our bearish bias.
Trading Recommendation
Entry: 103.716
Reason for Entry:
horizontal pullback resistance and 23.6% fibonacci retracement
Take Profit: 103.480
Reason for Take Profit:
78.6% fibonacci retracement, horizontal swing low support
Stop Loss: 103.807
Reason for Stop Loss:
50% fibonacci retracement, 61.8% fibonacci extension, horizontal swing high resistance
