Price is approaching our 1st resistance, in line with our 23.6% Fibonacci retracement and 78.6% Fibonacci extension. We could potentially see a reversal at 1st resistance, and a further drop towards our 1st support, in line with our 78.% Fibonacci retracement and 78.6% Fibonacci extension levels. It is worth noting that MACD is holding below the 0 line, indicating bearish pressure in line with our analysis.
Trading Recommendation
Entry: 1.79168
Reason for Entry:
23.6% Fibonacci retracement, 78.6% Fibonacci extension and horizontal pullback resistance
Take Profit: 1.78624
Reason for Take Profit:
78.% Fibonacci retracement, 78.6% Fibonacci extension and horizontal swing low support
Stop Loss: 1.79464
Reason for Stop Loss:
50% Fibonacci retracement, 161.8% Fibonacci extension and horizontal swing low support
