Price testing and holding below descending trendline resistance and fibonacci confluence zone. A short term drop below 1st resistance at 1.27593 towards 1st support at 1.27244 could be expected.
Trading Recommendation
Entry: 1.27593
Reason for Entry:
23.6% and 78.6% Fibonacci retracement and descending trendline resistance
Take Profit: 1.27244
Reason for Take Profit:
61.8% Fibonacci retracement and moving average support
Stop Loss: 1.27995
Reason for Stop Loss:
-27.20% Fibonacci retracement and Horizontal swing high resistance
