Price is abiding to the descending trendline resistance, signifying an overall bearish trend. We can expect price to drop from 1st resistance in line with 38.2% Fibonacci retracement and 78.6% Fibonacci projection towards the 1st support in line with 78.2% Fibonacci projection. Our bearish bias is further supported by the RSI indicator abiding to the descending trendline resistance.
Trading Recommendation
Entry: 92.030
Reason for Entry:
38.2% Fibonacci retracement and 78.6% Fibonacci projection
Take Profit: 91.672
Reason for Take Profit:
78.2% Fibonacci projection
Stop Loss: 92.260
Reason for Stop Loss:
127.2% Fibonacci projection
