Price is testing 1st resistance, which is in line with 78.6% Fibonacci retracement, 10% Fibonacci extension, horizontal swing high resistance and descending trendline resistance. We could potentially see a reversal at this level and further downside towards 1st support, in line with 61.8% Fibonacci retracement and horizontal overlap support. Stochastics is also reacting at the upper 83.71 level where it has reversed off before.
Trading Recommendation
Entry: 86.560
Reason for Entry:
78.6% Fibonacci retracement, 10% Fibonacci extension, horizontal swing high resistance and descending trendline resistance
Take Profit: 86.003
Reason for Take Profit:
61.8% Fibonacci retracement and horizontal overlap support
Stop Loss: 86.791
Reason for Stop Loss:
161.8% Fibonacci extension and horizontal swing high resistance
