Price has just seen a bearish breakout from the ascending trendline support-turned-resistance, and is now holding below both the moving average and descending trendline resistance, showing bearish pressure. We could potentially see further downside below 1st resistance, in line with 38.2%, 50% Fibonacci retracement, 78.6% Fibonacci extension and descending trendline resistance, towards 1st support, in line with 50% Fibonacci retracement, 100% Fibonacci extension and horizontal swing low support.
Trading Recommendation
Entry: 0.71861
Reason for Entry:
38.2%, 50% Fibonacci retracement, 78.6% Fibonacci extension and descending trendline resistance
Take Profit: 0.71221
Reason for Take Profit:
50% Fibonacci retracement, 100% Fibonacci extension and horizontal swing low support
Stop Loss: 0.72144
Reason for Stop Loss:
78.6% Fibonacci retracement, 161.8% Fibonacci extension and horizontal swing high resistance
