Price is facing bearish pressure as it continues to hold below the descending trendline, moving average and Ichimoku cloud resistances. We could see a reversal at 1st resistance, in line with 61.8% Fibonacci retracement, 78.6% Fibonacci extension, descending trendline resistance and horizontal pullback resistance, and further downside towards 1st support, in line with -27.2% Fibonacci retracement and 78.6% Fibonacci extension.
Trading Recommendation
Entry: 0.85388
Reason for Entry:
61.8% Fibonacci retracement, 78.6% Fibonacci extension, descending trendline resistance and horizontal pullback resistance
Take Profit: 0.85132
Reason for Take Profit:
-27.2% Fibonacci retracement and 78.6% Fibonacci extension
Stop Loss: 0.85580
Reason for Stop Loss:
161.8% Fibonacci extension and horizontal swing high resistance
