Price is testing 1st resistance, which is in line with our 61.8% Fibonacci retracement, 61.8% Fibonacci extension and descending trendline resistance. We could potentially see price reverse and drop towards our 1st support, which is in line with our 78.6% Fibonacci extension and horizontal swing low support. Price is also holding under the Ichimoku cloud and descending trendline resistance, showing bearish pressure in line with our analysis.
Trading Recommendation
Entry: 108.644
Reason for Entry:
61.8% Fibonacci retracement, 61.8% Fibonacci extension and descending trendline resistance
Take Profit: 108.406
Reason for Take Profit:
78.6% Fibonacci extension and horizontal swing low support
Stop Loss: 108.758
Reason for Stop Loss:
78.6% Fibonacci retracement, 100% Fibonacci extension and horizontal swing high resistance
