Price is approaching 1st resistance, which is in line with our 61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal swing high resistance. We could potentially see a reversal at this level and further downside towards our 1st support, which is in line with our 61.8% Fibonacci extension and horizontal swing low support. It is worth noting that price is still holding below the Ichimoku cloud and descending trendline resistance, showing bearish pressure in line with our analysis.
Trading Recommendation
Entry: 0.71371
Reason for Entry:
61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal swing high resistance
Take Profit: 0.70890
Reason for Take Profit:
61.8% Fibonacci extension and horizontal swing low support
Stop Loss: 0.71722
Reason for Stop Loss:
161.8% Fibonacci extension and horizontal swing high resistance
