Price is abiding to the descending channel on the daily, signifying overall bearish momentum. We can expect price to drop from 1st Resistance in line with 50% Fibonacci retracement, 78.6% Fibonacci projection and graphical overlap resistance towards 1st Support in line with previous swing low and 100% Fibonacci projection. Our bearish bias is further supported by a stochastic indicator where the %K line is at the resistance level.
Trading Recommendation
Entry:0.91355
Reason for Entry:
50% Fibonacci retracement, 78.6% Fibonacci projection and graphical overlap resistance
Take Profit: 0.89779
Reason for Take Profit:
previous swing low and 100% Fibonacci projection
Stop Loss: 0.92059
Reason for Stop Loss:
61.8% Fibonacci retracement and 100% Fibonacci projection
