Price is facing bearish pressure as it continues to hold below the descending trendline and moving average resistances. We could potentially see a reversal at 1st resistance, in line with our 50% Fibonacci retracement, 78.6% Fibonacci extension and horizontal pullback resistance, and a further drop towards our 1st support, in line with our -27.2% Fibonacci retracement and horizontal swing low support.
Trading Recommendation
Entry: 0.71371
Reason for Entry:
61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal swing high resistance
Take Profit: 0.70890
Reason for Take Profit:
61.8% Fibonacci extension and horizontal swing low support
Stop Loss: 0.71722
Reason for Stop Loss:
161.8% Fibonacci extension and horizontal swing high resistance