Price is below our descending trendline resistance and may bearish from our 1st resistance at 86.986 in line with 38.2% Fibonacci retracement and 38.2 Fibonacci extension towards the 1st support at 85.886 in line with 50% Fibonacci retracement and 100% Fibonacci extension . Our bearish view is further supported by how price is holding below the EMA and MACD is shown to be holding below the 0 line. Otherwise price may continue to bullish towards 2nd resistance at 87.341 in line 61.8% Fibonacci retracement and 61.8% Fibonacci extension.
Trading Recommendation
Entry: 86.986
Reason for Entry:
38.2% Fibonacci retracement and 38.2% Fibonacci extension
Take Profit: 85.886
Reason for Take Profit:
50% Fibonacci retracement and 100% Fibonacci extension
Stop Loss: 87.341
Reason for Stop Loss:
61.8% Fibonacci retracement and 61.8% Fibonacci extension
