Price is facing bearish pressure from our first resistance in line with our horizontal swing high resistance and 78.6% 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: 126.325
Reason for Entry:
horizontal swing high resistance and 78.6% fibonacci retracement
Take Profit: 125.158
Reason for Take Profit:
50% fibonacci retracement, 100% fib extension
Stop Loss: 126.916
Reason for Stop Loss:
horizontal pullback resistance
