Price is holding below the 200period MA and below the descending trendline resistance showing a bearish momentum continuation. Price is expected to push down to up to the 1st Support in line with the 61.8% and 78.6% Fibonacci extension . This bearish bias is further supported by the stochastic indicator, K% line is bounced away from the resistance level and is expected to ride downwards.
Trading Recommendation
Entry: current price
Reason for Entry:
Reacted off 61.8% Fibonacci extension potential for further downside
Take Profit: 1.16591
Reason for Take Profit:
61.8% and 78.6% Fibonacci extension
Stop Loss: 1.17674
Reason for Stop Loss:
61.8% Fibonacci extension
