Price is holding below the descending trendline and moving average resistance, showing bearish pressure in line with our bearish bias. We could potentially see price reverse at 1st resistance, in line with 61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal pullback resistance, and drop further towards 1st support, in line with 61.8% Fibonacci extension and horizontal swing low support.
Trading Recommendation
Entry: 0.88249
Reason for Entry:
61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal pullback resistance
Take Profit: 0.88007
Reason for Take Profit:
61.8% Fibonacci extension and horizontal swing low support
Stop Loss: 0.88443
Reason for Stop Loss:
50% Fibonacci retracement, 78.6% Fibonacci extension and horizontal pullback resistance
