Price is approaching 1st resistance, in line with 61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal overlap resistance, where we could see a reversal and further drop towards 1st support, in line with 78.6% Fibonacci retracement, 78.6% Fibonacci extension and horizontal swing low support. Price is also holding below moving average and descending trendline resistances, showing signs of bearish pressure.
Trading Recommendation
Entry: 0.85643
Reason for Entry:
61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal overlap resistance
Take Profit: 0.85410
Reason for Take Profit:
78.6% Fibonacci retracement, 78.6% Fibonacci extension and horizontal swing low support
Stop Loss: 0.85830
Reason for Stop Loss:
161.8% Fibonacci extension and horizontal swing high resistance
