Price is seen to be holding below the ascending trendline support turn resistance, showing a bearish pressure. We are expecting price to potentially retrace to the 1st resistance level in line with the ascending trendline support turn resistance and the 61.8% Fibonacci retracement level and push back down to the 1st Support level in line with the 61.8% Fibonacci retracement level. Our bearish bias is further supported by the price holding below the 50period MA and the MACD indicator, where the signal line crosses above the MACD line.
Trading Recommendation
Entry: 1.38081
Reason for Entry:
50% Fibonacci retracement and 61.8% Fibonacci extension
Take Profit: 1.37313
Reason for Take Profit:
61.8% Fibonacci retracement
Stop Loss: 1.38916
Reason for Stop Loss:
61.8% Fibonacci extension
