Price is facing bearish pressure as it continues to hold below both descending trendline and Ichimoku cloud resistance, in line with our bearish bias. We could potentially see price reverse at 1st resistance, in line with 38.2% Fibonacci retracement, 61.8% Fibonacci extension and horizontal pullback resistance, and further downside towards 1st support, in line with 78.6% Fibonacci extension and horizontal swing low support.
Trading Recommendation
Entry: 0.93879
Reason for Entry:
38.2% Fibonacci retracement, 61.8% Fibonacci extension and horizontal pullback resistance
Take Profit: 0.93391
Reason for Take Profit:
78.6% Fibonacci extension and horizontal swing low support
Stop Loss: 0.94315
Reason for Stop Loss:
161.8% Fibonacci extension and horizontal swing high resistance