Prices have reached a Pivot and are on a bearish momentum. We see potential for continuous dip from our 1st resistance at 0.84744 which is an area of Fibonacci confluences and also graphical overlap towards our 1st support at 0.84214 in line with 61.8% and 78.6% Fibonacci retracement. Alternatively, our stop loss will be placed at 2nd resistance at 0.85094 in line with 61.8% and 61.8% Fibonacci retracement. Ichimoku Clouds are showing bearish momentum and stochastics are at a level where dips previously happened.
Trading Recommendation
Entry: 0.84744
Reason for Entry:
Area of Fibonacci confluences and also graphical overlap
Take Profit: 0.84214
Reason for Take Profit:
61.8% and 78.6% Fibonacci retracement
Stop Loss: 0.85094
Reason for Stop Loss:
61.8% and 61.8% Fibonacci retracement
