Price is approaching 1st resistance, which is in line with 78.6% Fibonacci retracement, 100% Fibonacci extension and horizontal swing high resistance. We could potentially see a reversal at this level and further downside towards 1st support, in line with 61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal swing low support. Stochastics is also showing signs of bearish pressure as it approaches the upper resistance level where it has reacted off before.
Trading Recommendation
Entry: 109.058
Reason for Entry:
78.6% Fibonacci retracement, 100% Fibonacci extension and horizontal swing high resistance
Take Profit: 108.338
Reason for Take Profit:
61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal swing low support
Stop Loss: 109.430
Reason for Stop Loss:
161.8% Fibonacci extension and horizontal swing high resistance
