Price is holding above the ascending trendline support, however we are expecting the price to be making a short-term bearish drop as price has approached a strong resistance level where price reversed twice at that level. We can expect the price to drop from the 1st Resistance and ride the bearish momentum towards the 1st Support in line with 61.8% Fibonacci Retracement and 78.6% Fibonacci Projection. Our short-term bearish bias is further supported by the Stochastic indicator where the %K line touches the resistance level awaiting for a drop.
Trading Recommendation
Entry: 110.431
Reason for Entry:
127.2% Fibonacci Projection
Take Profit: 109.610
Reason for Take Profit:
61.8% Fibonacci retracement and 78.6% Fibonacci projection
Stop Loss: 110.794
Reason for Stop Loss:
-27.2% Fibonacci Retracement and 161.8% Fibonacci projection
