Price is holding below the descending trendline resistance showing a bearish momentum. We are expecting time to push downwards to the 1st support in line with the 61.8% Fibonacci projection and ascending trendline support on the daily chart. Our short term bearish bias is further supported by the price holding below the Ichimoku cloud and 50Period MA.
Trading Recommendation
Entry: 86.525
Reason for Entry:
50% Fibonacci retracement and 61.8% Fibonacci projection
Take Profit: 85.454
Reason for Take Profit:
61.8% Fibonacci projection
Stop Loss: 87.875
Reason for Stop Loss:
23.6% Fibonacci retracement and 78.6%Fibonacci projection
