Price is approaching 1st resistance, in line with 50%, 61.8% Fibonacci retracement and horizontal pullback resistance, where we could potentially see a reversal and drop further towards 1st support, in line with 78.6% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing low support. Price is also holding below the Ichimoku cloud resistance, showing signs of bearish pressure as well.
Trading Recommendation
Entry: 0.93704
Reason for Entry:
50%, 61.8% Fibonacci retracement and horizontal pullback resistance
Take Profit: 0.93297
Reason for Take Profit:
78.6% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing low support
Stop Loss: 0.93924
Reason for Stop Loss:
78.6% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing high resistance
