Price is facing bearish pressure from our first resistance, in line with our 23.6% fibonacci retracement, 61.8% fibonacci extension and horizontal pullback resistance where we could see a reversal below this level to our first support level. The 20 period EMA and Ichiomku cloud are showing signs of bearish pressure in line with our bearish bias.
Trading Recommendation
Entry: 0.70208
Reason for Entry:
61.8% fibonacci retracement
Take Profit: 0.69142
Reason for Take Profit:
78.6% fibonacci retracement
Stop Loss: 0.71143
Reason for Stop Loss:
23.6% fibonacci retracement, 61.8% fibonacci extension and horizontal pullback resistance