Price is facing bearish pressure as it continues to hold below the descending trendline resistance and Ichimoku cloud, in line with our bearish bias. Price could potentially reverse at 1st resistance, in line with 61.8% Fibonacci retracement, horizontal pullback resistance and descending trendline resistance, and further downside towards 1st support, in line with -27.2% Fibonacci retracement, 100% Fibonacci extension and horizontal swing low support.
Trading Recommendation
Entry: 1.78701
Reason for Entry:
61.8% Fibonacci retracement, horizontal pullback resistance and descending trendline resistance
Take Profit: 1.77407
Reason for Take Profit:
-27.2% Fibonacci retracement, 100% Fibonacci extension and horizontal swing low support
Stop Loss: 1.79303
Reason for Stop Loss:
50% Fibonacci retracement and horizontal swing high resistance
