Price is facing bearish pressure from our first resistance in line with our horizontal swing high resistance, 38.2% fibonacci retracement and 78.6% fibonacci extension where we could see a further drop below this level. A break below our downside confirmation level could provide the bearish acceleration to our first support target. Ichimoku cloud is showing signs of bearish pressure as well, in line with our bearish bias.
Trading Recommendation
Entry: 1.36633
Reason for Entry:
horizontal swing high resistance, 38.2% fibonacci retracement and 78.6% fibonacci extension
Take Profit: 1.35281
Reason for Take Profit:
horizontal swing low support
Stop Loss: 1.37020
Reason for Stop Loss:
61.8% Fibonacci retracement and horizontal overlap resistance
