Price is holding below the descending trendline resistance, signifying a bearish momentum. We can expect the price to continue to push down towards the 1st Support in line with 61.8% Fibonacci projection and 61.8% Fibonacci Retracement. Our bearish support is further supported by the stochastic indicator where the %K line drops from the resistance level.
Trading Recommendation
Entry: 0.73249
Reason for Entry:
50% Fibonacci retracement and Graphical overlap resistance
Take Profit: 0.72225
Reason for Take Profit:
61.8% Fibonacci Retracement and 61.8% Fibonacci projection
Stop Loss: 0.74078
Reason for Stop Loss:
61.8% Fibonacci projection and 78.6% Fibonacci retracement
