Price is holding below the 100period MA signifying an overall bearish momentum. Price is expected to rally downwards to the 1st support level in line with the 23.6% Fibonacci retracement and 61.8% Fibonacci extension. Our bearish bias is also supported by the stochastic indicator where the K% line bounced away from the resistance level and showed a downward movement.
Trading Recommendation
Entry: current price
Reason for Entry: 23.6% Fibonacci retracement
Take Profit: 0.65793
Reason for Take Profit: 23.6% Fibonacci retracement, 61.8% Fibonacci extension
Stop Loss: 0.66728
Reason for Stop Loss: 100% Fibonacci extension and 61.% Fibonacci retracement.
