Prices are facing bearish pressure from descending trendline resistance, horizontal swing high resistance in line with 127.2% Fibonacci retracement and 100% Fibonacci extension. Prices might push down towards horizontal swing low support in line with 78.6% Fibonacci retracement and 127.2% Fibonacci extension. If prices push up further, prices might face resistance from horizontal swing high resistance in line with 161.8% Fibonacci extension and 78.6% Fibonacci retracement. Stochastics is also approaching 93.52 resistance level, potential for bounce.
Trading Recommendation
Entry: 121.911
Reason for Entry:
Horizontal swing high resistance, descending trendline resistance, 127.2% Fibonacci retracement, 100% Fibonacci extension
Take Profit: 121.533
Reason for Take Profit:
Horizontal swing low support, 78.6% Fibonacci retracement, 127.2% Fibonacci extension
Stop Loss: 122.094
Reason for Stop Loss:
Horizontal swing high resistance, 161.8% Fibonacci extension, 78.6% Fibonacci retracement