Price is facing bearish pressure as it continues to be below the ascending trendline support (now resistance). We could see price bearish at 1st resistance at 110.053 in line with our 61.8% Fibonacci retracement and 61.8% Fibonacci extension to further downside towards 1st support at 109.408 in line with 127.2% Fibonacci retracement and 161.8% Fibonacci extension . Our bearish bias is further supported by how MACD is holding below the 0 line. Otherwise price might bullish to 2nd resistance at 110.357 in line with Horizontal swing high and 100% Fibonacci extension.
Trading Recommendation
Entry: 110.053
Reason for Entry:
61.8% Fibonacci retracement and 61.8% Fibonacci extension
Take Profit: 109.408
Reason for Take Profit:
127.2% Fibonacci retracement and 161.8% Fibonacci extension
Stop Loss: 110.357
Reason for Stop Loss:
Horizontal swing high and 100% Fibonacci extension.
