Prices are on bearish momentum and abiding to our bearish trendline. We see potential for a dip from our 1st resistance at 0.68172 which is a graphical overlap and area of Fibonacci confluences towards our 1st support at 0.67439 in line with 127.2% Fibonacci extension. Breaking the 1st support will find prices dipping further towards our 2nd support at 0.67091 in line with 161.8% Fibonacci projection. Technical indicators are also showing bearish momentum. Alternatively, our stop loss will be placed at 2nd resistance at 0.68636 in line with 38.2% Fibonacci retracement and 127.2% Fibonacci extension.
Trading Recommendation
Entry: 0.68172
Reason for Entry:
Graphical overlap and area of Fibonacci confluences
Take Profit: 0.67439
Reason for Take Profit:
127.2% Fibonacci extension
Stop Loss: 0.68636
Reason for Stop Loss:
38.2% Fibonacci retracement and 127.2% Fibonacci extension
