Price is approaching 1st resistance, which is in line with 38.2%, 50% Fibonacci retracement, 78.6% Fibonacci extension and horizontal pullback resistance. We could potentially see a reversal at this level and further downside towards 1st support, in line with 61.8% Fibonacci extension and horizontal swing low support. Price is also holding below the Ichimoku cloud and descending trendline resistance, showing signs of bearish pressure in line with our analysis.
Trading Recommendation
Entry: 1.47088
Reason for Entry:
38.2%, 50% Fibonacci retracement, 78.6% Fibonacci extension and horizontal pullback resistance
Take Profit: 1.46534
Reason for Take Profit:
78.6% Fibonacci retracement, 61.8%, 161.8% Fibonacci extension and horizontal swing high resistance
Stop Loss: 1.47512
Reason for Stop Loss:
78.6% Fibonacci retracement, 61.8%, 161.8% Fibonacci extension and horizontal swing high resistance
