Price dropped lower and is approaching 1st support at 0.70514. Price is holding below the MA 50 indicating a continuation of a downward trend, our bearish bias is further supported by the price holding below the overall descending trendline resistance. Otherwise, failure to reach at 2nd Support will see price bounce towards 1st resistance at 0.73814 in line with 38.2 Fibonacci retracement.
Trading Recommendation
Entry: 0.71809
Reason for Entry:
78.6% Fibonacci extension
Take Profit: 0.70514
Reason for Take Profit:
127.2% Fibonacci extension and -27.2% Fibonacci retracement
Stop Loss: 0.73814
Reason for Stop Loss:
38.2% Fibonacci retracement and previous swing high
