Price is approaching our 1st resistance, which is in line with our 50%, 61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal overlap resistance. We could potentially see a reversal at this level and further downside towards our 1st support, in line with our 61.8% Fibonacci extension and horizontal swing low support. Price is also holding below the Ichimoku cloud and descending trendline resistance, showing bearish pressure in line with our bearish bias.
Trading Recommendation
Entry: 1.10549
Reason for Entry:
61.8% Fibonacci retracement, 61.8%, 78.6% Fibonacci extension levels and descending trendline resistance
Take Profit: 1.10348
Reason for Take Profit:
61.8% Fibonacci extension and horizontal swing low support
Stop Loss: 1.10690
Reason for Stop Loss:
100% Fibonacci extension and horizontal swing high resistance