Price is facing bearish pressure as it holds under 1st resistance in line with 141.4% Fibonacci retracement. Price may bearish towards the 1st support at 1.68408 in line with 61.8% Fibonacci retracement and 78.6% Fibonacci extension. Our bearish bias is further supported by how stochastic is testing resistance where price dropped in the past. Otherwise price may continue to bullish towards Daily resistance at 1.73183.
Trading Recommendation
Entry: 1.72378
Reason for Entry:
141.4% Fibonacci retracement
Take Profit: 1.68408
Reason for Take Profit:
61.8% Fibonacci retracement and 78.6% Fibonacci extension
Stop Loss: 1.73183
Reason for Stop Loss:
Daily resistance
