Price is facing bearish pressure as it continues to hold below the descending trendline and moving average resistances, in line with our bearish bias. We could potentially see a reversal at 1st resistance in line with 61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal swing high resistance, and further downside towards 1st support, in line with 61.8% Fibonacci extension and horizontal swing low support.
Trading Recommendation
Entry: 0.93585
Reason for Entry:
61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal swing high resistance
Take Profit: 0.93099
Reason for Take Profit:
61.8% Fibonacci extension and horizontal swing low support
Stop Loss: 0.93798
Reason for Stop Loss:
127.2% Fibonacci extension and horizontal swing high resistance
