Prices are facing bearish pressure from horizontal swing high resistance in line with 61.8% Fibonacci retracement and 100% Fibonacci extension. Prices might push down towards 127.2% Fibonacci extension, 161.8% Fibonacci retracement and horizontal swing low support level. If prices break and close above 1st resistance, prices might face resistance from horizontal swing high resistance in line with 161.8% Fibonacci extension. Ichimoku cloud is also above prices, showing a bearish pressure for prices.
Trading Recommendation
Entry: 1.71108
Reason for Entry:
Horizontal swing high resistance, 100% Fibonacci extension, 61.8% Fibonacci retracement
Take Profit: 1.70326
Reason for Take Profit:
Horizontal swing low support, 161.8% Fibonacci retracement, 127.2% Fibonacci extension
Stop Loss: 1.71539
Reason for Stop Loss:
Horizontal swing high resistance, 161.8% Fibonacci extension