Price has just seen a bearish breakout from the ascending trendline support-turned-resistance, and is now holding below the descending trendline resistance. We could potentially see further downside below the 1st resistance, in line with our 61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal pullback resistance, towards our 1st support, in line with 78.6% Fibonacci retracement and 100% Fibonacci extension. MACD is also holding below the 0 line, in line with our analysis.
Trading Recommendation
Entry: 1.49724
Reason for Entry:
61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal pullback resistance
Take Profit: 1.49249
Reason for Take Profit:
78.6% Fibonacci retracement and 100% Fibonacci extension
Stop Loss: 1.50080
Reason for Stop Loss:
78.6% Fibonacci retracement and horizontal swing high resistance
