Prices are consolidating sideways. We see potential for a dip from our 1st resistance at 123.502 which is a graphical swing high and in line with 78.6% and 78.6% Fibonacci extension towards our 1st support at 122.866 in line with 61.8% Fibonacci retracement. Breaking the 1st support will find prices dipping further towards our 2nd support at 122.486 which is an area of Fibonacci confluences.. Technical indicators are also showing bearish momentum. Alternatively, our stop loss will be placed at 2nd resistance at 123.822 in line with 127.2% Fibonacci extension.
Trading Recommendation
Entry: 123.502
Reason for Entry:
Graphical swing high and in line with 78.6% and 78.6% Fibonacci extension
Take Profit: 122.866
Reason for Take Profit:
61.8% Fibonacci retracement
Stop Loss: 123.822
Reason for Stop Loss:
127.2% Fibonacci extension
