Price is facing bearish pressure as it continues to hold below the descending trendline and Ichimoku cloud resistances, in line with our bearish bias. We could potentially see a reversal at 1st resistance, in line with 78.6% Fibonacci retracement, 100% Fibonacci extension, horizontal swing high resistance and descending trendline resistance, and further downside towards 1st support, in line with 61.8% Fibonacci extension and horizontal swing low support.
Trading Recommendation
Entry: 0.92819
Reason for Entry:
78.6% Fibonacci retracement, 100% Fibonacci extension, horizontal swing high resistance and descending trendline resistance
Take Profit: 0.92487
Reason for Take Profit:
61.8% Fibonacci extension and horizontal swing low support
Stop Loss: 0.92979
Reason for Stop Loss:
161.8% Fibonacci extension and horizontal swing high resistance