Price has made a bearish breakout from the triangle pattern, we are expecting price to push down towards the 1st Support in line with 78.6% Fibonacci retracement and 61.8% Fibonacci projection. Our bearish bias is further supported by the price holding below the 100period MA and the MACD indicator is showing the signal line cross above the MACD line signifying a bearish momentum.
Trading Recommendation
Entry: 109.889
Reason for Entry:
50% Fibonacci retracement and ascending trendline resistance
Take Profit: 109.085
Reason for Take Profit:
78.6% Fibonacci retracement
Stop Loss: 110.176
Reason for Stop Loss:
78.6% Fibonacci retracement
