Price is moving below our 1st resistance level at 0.92135 which is in line with 50.0% Fibonacci extension level and horizontal swing high resistance. We have a bearish bias that price can potentially drop to 1st support at 0.91553, which is in line with horizontal overlap support and possibly even to 2nd support at 0.91089 in line with the 161.8% Fibonacci projection and graphical swing low support. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 0.92453, which coincides with 38.2% Fibonacci retracement level, horizontal overlap resistance & 78.6% Fibonacci retracement level . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Trading Recommendation
Entry: 0.92135
Reason for Entry:
50.0% Fibonacci extension level and horizontal swing high resistance\
Take Profit: 0.91553
Reason for Take Profit:
Horizontal overlap support
Stop Loss: 0.92453
Reason for Stop Loss:
38.2% Fibonacci retracement level, 78.6% Fibonacci retracement level and horizontal overlap resistance
