Price is testing the 1st resistance, in line with 50% Fibonacci retracement, 127.2% Fibonacci extension, horizontal pullback resistance and descending trendline resistance. We could see a reversal here and further downside towards 1st support, in line with 100%, 127.2% Fibonacci extension and horizontal swing low support. Price is also holding below the descending trendline and moving average resistances, showing signs of bearish pressure in line with our analysis.
Trading Recommendation
Entry: 0.87023
Reason for Entry:
50% Fibonacci retracement, 127.2% Fibonacci extension, horizontal pullback resistance and descending trendline resistance
Take Profit: 0.86303
Reason for Take Profit:
100%, 127.2% Fibonacci extension and horizontal swing low support
Stop Loss: 0.87491
Reason for Stop Loss:
61.8% Fibonacci extension and horizontal swing high resistance
