Price is holding below the Ichimoku cloud and descending trendline resistance, showing bearish pressure in line with our bearish bias. We could potentially see a reversal at 1st resistance, in line with our 61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal swing high resistance, and further downside towards 1st support, in line with our 100% Fibonacci extension and horizontal swing low support.
Trading Recommendation
Entry: 1.48468
Reason for Entry:
61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal swing high resistance
Take Profit: 1.48025
Reason for Take Profit:
100% Fibonacci extension and horizontal swing low support
Stop Loss: 1.48712
Reason for Stop Loss:
161.8% Fibonacci extension and horizontal swing high resistance
