Price has just seen a bearish breakout from the ascending trendline support-turned-resistance, and is now facing bearish pressure as it holds below the Ichimoku cloud. We could see a reversal at 1st resistance, in line with 61.8% Fibonacci retracement and horizontal pullback resistance, and further downside towards 1st support, in line with 38.2% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing low support.
Trading Recommendation
Entry: 131.904
Reason for Entry:
61.8% Fibonacci retracement and horizontal pullback resistance
Take Profit: 131.385
Reason for Take Profit:
38.2% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing low support
Stop Loss: 131.192
Reason for Stop Loss:
78.6% Fibonacci retracement and horizontal swing high resistance
