Prices are facing bearish pressure from descending trendline resistance as well as 1st resistance in line with 50% Fibonacci extension and 78.6% Fibonacci retracement. Prices might push downwards towards 1st support, in line with 78.6% FIbonacci extension and 127.2% Fibonacci retracement. If prices push further up from 1st resistance, prices might face resistance from 2nd resistance which is in line with 161.8% Fibonacci retracement and 78.6% Fibonacci extension. EMA is also above prices, showing a bearish pressure for prices.
Trading Recommendation
Entry: 0.70490
Reason for Entry:
50% Fibonacci extension, 78.6% Fibonacci retracement, horizontal swing high resistance
Take Profit: 0.70214
Reason for Take Profit:
Horizontal swing low support, 78.6% Fibonacci extension, 127.2% Fibonacci retracement
Stop Loss: 0.70705
Reason for Stop Loss:
Horizontal swing high resistance, 78.6% Fibonacci extension, 161.8% Fibonacci retracement
