Prices are facing bearish pressure from 50% Fibonacci retracement and 161.8% Fibonacci extension Fibonacci confluence zone. Prices might push down towards 127.2% Fibonacci retracement and 78.6% Fibonacci extension fibonacci confluence zone. If price pushes up further, prices might face resistance from horizontal swing high resistance in line with 61.8% Fibonacci retracement and 161.8% Fibonacci extension. Ichimoku cloud is also above prices, showing a bearish pressure for prices.
Trading Recommendation
Entry: 0.86774
Reason for Entry:
50% Fibonacci retracement, 161.8% Fibonacci extension
Take Profit: 0.86203
Reason for Take Profit:
127.2% Fibonacci retracement, 78.6% Fibonacci extension
Stop Loss: 0.87141
Reason for Stop Loss:
Horizontal swing high resistance, 161.8% Fibonacci extension, 61.8% Fibonacci retracement
