Price is trending within a Daily ascending channel and above the Daily descending trendline now support and below the 1st resistance at 0.74313 in line with 61.8% Fibonacci retracement and 100% Fibonacci extension. Price could potentially bearish from 1st resistance at 0.74313 in line with 61.8% Fibonacci retracement and 100% Fibonacci extension to 1st support at 0.73601 in line with Horizontal swing low and 61.8% Fibonacci extension. Our bearish bias is further supported by how Price is holding below the Ichimoku cloud and RSI is abiding to a descending trendline. Otherwise price may continue to bullish to 2nd resistance at 0.74708 in line with Horizontal swing high and 200% Fibonacci extension.
Trading Recommendation
Entry: 0.74313
Reason for Entry:
61.8% Fibonacci retracement and 100% Fibonacci extension
Take Profit: 0.73601
Reason for Take Profit:
Horizontal swing low and 61.8% Fibonacci extension
Stop Loss: 0.74708
Reason for Stop Loss:
Horizontal swing high and 200% Fibonacci extension
