Price is facing bearish pressure as it continues to hold below both the descending trendline and moving average resistances, in line with our analysis. We could see a reversal at 1st resistance, in line with 61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal pullback resistance, and further downside towards 1st support, in line with 78.6% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing low support.
Trading Recommendation
Entry: 1.20419
Reason for Entry:
61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal pullback resistance
Take Profit: 1.19937
Reason for Take Profit:
78.6% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing low support
Stop Loss: 1.20760
Reason for Stop Loss:
127.2% Fibonacci extension and horizontal swing high resistance