Prices are on a bearish momentum and have recently broken out of our descending trendline. We see potential for dips from our 1st resistance at 123.433 in line with 61.8% Fibonacci retracement, 61.8 Fibonacci extension and graphical overlap towards our 1st support at 123.012 in line with 61.8% Fibonacci retracement and graphical overlap. Alternatively, our stop loss will be placed at 2nd resistance at 123.689 in line with 78.6%, 38.2% Fibonacci retracement and 78.6% Fibonacci extension. Technical indicators are showing bearish momentum.
Trading Recommendation
Entry: 123.433
Reason for Entry:
61.8% Fibonacci retracement, 61.8 Fibonacci extension and graphical overlap
Take Profit: 123.012
Reason for Take Profit:
61.8% Fibonacci retracement and graphical overlap
Stop Loss: 123.689
Reason for Stop Loss:
78.6%, 38.2% Fibonacci retracement and 78.6% Fibonacci extension
