Price is approaching 1st resistance, which is in line with 78.6% Fibonacci retracement, 78.6% Fibonacci extension and horizontal pullback resistance. We could potentially see a reversal here and further downside towards 1st support, in line with 78.6% Fibonacci retracement, 100% Fibonacci extension and horizontal pullback support. RSI is also showing signs of bearish pressure as it holds below descending trendline resistance.
Trading Recommendation
Entry: 1.39349
Reason for Entry:
78.6% Fibonacci retracement, 78.6% Fibonacci extension and horizontal pullback resistance
Take Profit: 1.38358
Reason for Take Profit:
78.6% Fibonacci retracement, 100% Fibonacci extension and horizontal pullback support
Stop Loss: 1.39767
Reason for Stop Loss:
100% Fibonacci extension and horizontal swing high resistance
