Price retesting from 1st support at 109.326 at 78.6% Fibonacci retracement and 78.6% Fibonacci extension and may continue bearish to 2nd support at 108.722 in line with 127.2% Fibonacci extension. Otherwise price may bullish to 1st resistance at 109.782 in line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension. Our bearish bias is further supported by the price holding below the EMA.
Trading Recommendation
Entry: 109.326
Reason for Entry:
78.6% Fibonacci retracement and 78.6% Fibonacci extension
Take Profit: 108.722
Reason for Take Profit:
127.2% Fibonacci extension
Stop Loss: 109.782
Reason for Stop Loss:
61.8% Fibonacci retracement and 61.8% Fibonacci extension
