Price is facing resistance from 1st resistance level, in line with 50% fibonacci retracement, 50% fibonacci extension and horizontal swing high resistance. Prices might pullback to 1st support level which is a 127.2% fibonacci extension and -27.2% fibonacci retracement level. If prices break through 1st resistance, it might increase to 2nd resistance which is in line with 78.6% fibonacci extension and 78.6% fibonacci retracement. EMA is also above prices, giving prices bearish pressure.
Trading Recommendation
Entry: 1.18873
Reason for Entry:
Horizontal swing high resistance, 50% fibonacci retracement, 50% fibonacci extension
Take Profit: 1.18099
Reason for Take Profit:
127.2% fibonacci extension, -27.2% fibonacci retracement fibonacci confluence
Stop Loss: 1.19324
Reason for Stop Loss:
Horizontal swing high resistance, 78.6% fibonacci retracement, 78.6% fibonacci extension
