Price is abiding to the descending trendline resistance, signifying an overall bearish momentum. We can expect price to drop from the 1st Resistance level in line with 61.8% Fibonacci retracement and 127.2% Fibonacci projection towards 1st Support in line with 100% Fibonacci projection. Our bearish bias is further supported by the price holding below the Ichimoku Cloud.
Trading Recommendation
Entry: 0.91976
Reason for Entry:
61.8% Fibonacci retracement and 161.8% Fibonacci projection
Take Profit: : 0.91021
Reason for Take Profit:
50% Fibonacci retracement
Stop Loss: 0.92206
Reason for Stop Loss:
78.6% Fibonacci retracement
