Price is facing bearish pressure as it continues to hold below the Ichimoku cloud and descending trendline resistance, in line with our bearish bias. We could potentially see price approach our 1st resistance, in line with 50% Fibonacci retracement, 100% Fibonacci extension and horizontal swing high resistance, where we might see a reversal and further drop towards 1st support, in line with 50%, 78.6% Fibonacci extension and horizontal swing low support.
Trading Recommendation
Entry: 1.93215
Reason for Entry:
50% Fibonacci retracement, 100% Fibonacci extension and horizontal swing high resistance
Take Profit: 1.91802
Reason for Take Profit:
50%, 78.6% Fibonacci extension and horizontal swing low support
Stop Loss: 1.93782
Reason for Stop Loss:
61.8% Fibonacci retracement, 61.8%, 161.8% Fibonacci extension and horizontal overlap support
