Price is approaching 1st resistance, which is in line with 61.8% Fibonacci retracement and horizontal swing high resistance. We could potentially see a reversal at this level and further downside towards 1st support, in line with 61.8% Fibonacci retracement, 127.2% Fibonacci extension and horizontal pullback support. Price is holding below both descending trendline and moving average resistance, showing signs of bearish pressure in line with our bearish bias.
Trading Recommendation
Entry: 0.87497
Reason for Entry:
61.8% Fibonacci retracement and horizontal swing high resistance
Take Profit: 0.87015
Reason for Take Profit:
61.8% Fibonacci retracement, 127.2% Fibonacci extension and horizontal pullback support
Stop Loss: 0.87811
Reason for Stop Loss:
78.6% Fibonacci retracement and horizontal pullback resistance
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