Price is holding below the descending trendline Potential sell entry at 1.37118 first support level in line with the 78.6% Fibonacci extension . Price is expected to ride down towards the 2nd support level in line with 100% Fibonacci extension and -27.2% Fibonacci retracement . Our bearish bias is further supported by price holding under the Ichimoku cloud and 50 period MA.
Trading Recommendation
Entry: 1.37118
Reason for Entry:
78.6% Fibonacci extension
Take Profit: 1.36326
Reason for Take Profit:
100% Fibonacci extension and -27.2% Fibonacci retracement
Stop Loss: 1.37703
Reason for Stop Loss:
61.8 Fibonacci extension and 23.6% Fibonacci retracement