Price is on a bearish momentum and abiding to our bearish trendline. We see potential for a bounce from our 1st resistance at 1.04277 in line with 50% Fibonacci retracement and 38.2% Fibonacci retracement and graphical overlap towards our 1st support at 1.03297 in line with 100% Fibonacci extension. Alternatively, our stop loss will be placed at 2nd resistance at 1.04617 in line with 50% Fibonacci retracement and graphical overlap. RSI is approaching levels where dips occurred previously and ichimoku is showing bearish momentum.
Trading Recommendation
Entry: 1.04277
Reason for Entry:
50% Fibonacci retracement and 38.2% Fibonacci retracement and graphical overlap.
Take Profit: 1.03297
Reason for Take Profit:
100% Fibonacci extension.
Stop Loss: 1.04617
Reason for Stop Loss:
50% Fibonacci retracement and graphical overlap.
