Price is facing bearish pressure from our first resistance in line with our horizontal swing high resistance, 78.6% fibonacci retracement where we could see a further drop below this level to our first support target. A break below our downside confirmation level would provide the bearish acceleration to our first support target.
Trading Recommendation
Entry: 126.596
Reason for Entry:
horizontal swing high resistance, 78.6% fibonacci retracement
Take Profit: 126.019
Reason for Take Profit:
Horizontal swing low support, 61.8% fibonacci retracement, 127.2% Fibonacci extension
Stop Loss: 126.755
Reason for Stop Loss:
127.2% fibonacci retracement
