Price is facing bearish pressure as it holds under 1st resistance at 67.54 in line with 38.2% Fibonacci retracement and 61.8% Fibonacci extension. Price may continue to bearish towards the 1st support at 64.46 in line with 161.8% Fibonacci retracement and 78.6% Fibonacci extension. Our bearish bias is further supported by MACD is shown to be holding below the 0 line. Otherwise price may continue to bullish towards 2nd resistance at 69.98 in line with 61.8% Fibonacci retracement and 100% Fibonacci extension.
Trading Recommendation
Entry: 67.54
Reason for Entry:
38.2% Fibonacci retracement and 61.8% Fibonacci extension
Take Profit: 64.46
Reason for Take Profit:
161.8% Fibonacci retracement and 78.6% Fibonacci extension
Stop Loss: 69.98
Reason for Stop Loss:
61.8% Fibonacci retracement and 100% Fibonacci extension
