Prices are approaching horizontal pullback resistance in line with 50% Fibonacci retracement and 50% Fibonacci extension . Prices might push down towards -27.2% Fibonacci retracement and 127.2% Fibonacci retracement Fibonacci confluence zone. If prices push up, prices might face resistance from horizontal swing high resistance in line with 100% Fibonacci extension . EMA is also above prices, showing a bearish pressure for prices.
Trading Recommendation
Entry: 1.18513
Reason for Entry:
Horizontal pullback resistance, 50% Fibonacci retracement, 50% Fibonacci extension
Take Profit: 1.17858
Reason for Take Profit:
127.2% Fibonacci retracement, -27.2% Fibonacci retracement
Stop Loss: 1.18950
Reason for Stop Loss:
Horizontal swing high resistance, 100% Fibonacci extension
