Price is trading in an ascending channel and near 1st resistance level of 115.241 in line with 78.6% Fibonacci projection and 38.2% Fibonacci retracement. Price can potentially dip to the 1st support level of 114.204 in line with 127.2% Fibonacci projection and 78.6% Fibonacci retracement. Our bearish bias is supported by the ichimoku cloud indicator. Alternatively price go to the 2nd resistance level of 115.731 in line with 127.2% Fibonacci projection and 61.8% Fibonacci retracement
Trading Recommendation
Entry: 115.241
Reason for Entry: 38.2% Fibonacci retracement, 78.6% Fibonacci projection and graphical overlap resistance
Take Profit: : 114.204
Reason for Take Profit: Swing low 127.2% Fibonacci retracement and 78.6% Fibonacci projection
Stop Loss: 115.731
Reason for Stop Loss:
61.8% Fibonacci retracement and 127.2% Fibonacci projection
