Price is facing bearish pressure as it holds below both the descending trendline resistance and Ichimoku cloud, in line with our bearish bias. We could potentially see further downside as price drops from 1st resistance at 1.08069, in line with our 61.8% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing high resistance, towards 1st support at 1.07881, in line with our 61.8% Fibonacci extension and horizontal swing low support.
Trading Recommendation
Entry: 1.08069
Reason for Entry:
61.8% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing high resistance
Take Profit: 1.07881
Reason for Take Profit:
61.8% Fibonacci extension and horizontal swing low support
Stop Loss: 1.08183
Reason for Stop Loss:
100% Fibonacci extension and horizontal swing high resistance