Price is facing bearish pressure from our first resistance, in line with our descending trend line, horizontal swing high resistance, 61.8% fibonacci extension and 78.6% fibonacci retracement where we could see a reversal below this level. The Ichimoku cloud is showing signs of bearish pressure in line with our bearish bias. A break below our downside confirmation level could provide the bearish acceleration to our take profit target.
Trading Recommendation
Entry: 0.89572
Reason for Entry:
descending trend line, horizontal swing high resistance, 61.8% fibonacci extension and 78.6% fibonacci retracement
Take Profit: 0.89090
Reason for Take Profit:
Horizontal swing low support
Stop Loss: 0.89770
Reason for Stop Loss:
Horizontal swing high resistance