Price might potentially break out of the channel with a downwards movement towards the 1st Support in line with the 76.4% Fibonacci extension. Our bearish bias is further supported by price holding below the 200 period EMA and a bearish divergence is spotted in the stochastic indicator.
Trading Recommendation
Entry: 1.87543
Reason for Entry:
88% Fibonacci retracement and previous swing low
Take Profit: 1.91504
Reason for Take Profit:
100% Fibonacci extension and previous swing high
Stop Loss: 1.86454
Reason for Stop Loss:
127.2% Fibonacci retracement
