Price broke below ascending trendline support turned resistance. With technical indicators showing room for further downside, a further drop below 1st resistance at 117.231 towards 1st support at 116.776 could be possible.
Trading Recommendation
Entry: 117.231
Reason for Entry:
50% Fibonacci retracement, ascending trendline resistance
Take Profit: 116.776
Reason for Take Profit:
-61.8% Fibonacci retracement, 100% Fibonacci extension
Stop Loss: 117.373
Reason for Stop Loss:
Last swing high resistance
