Price is testing the descending trendline resistance and holding below 1st resistance, in line with 61.8% Fibonacci retracement, 161.8% Fibonacci extension and horizontal pullback resistance. We could see a reversal here and further downside towards 1st support, in line with 61.8% Fibonacci extension and horizontal swing low support. Stochastics is also testing the 94.05 resistance where it has reversed from before, showing signs of bearish pressure in line with our analysis.
Trading Recommendation
Entry: 0.87153
Reason for Entry:
61.8% Fibonacci retracement, 161.8% Fibonacci extension and horizontal pullback resistance
Take Profit: 0.86303
Reason for Take Profit:
61.8% Fibonacci extension and horizontal swing low support
Stop Loss: 0.87688
Reason for Stop Loss:
Horizontal swing high resistance
