Prices are facing bearish pressure from descending trendline resistance, which coincides with horizontal swing high resistance, 61.8% Fibonacci retracement and 127.2% Fibonacci extension. Prices might push down towards horizontal pullback support in line with 78.6% Fibonacci retracement. If prices push up further, prices might face resistance from 127.2% Fibonacci retracement and 127.2% Fibonacci extension fibonacci confluence area. Stochastics is also facing resistance from 95.71 level, potential for further downside!
Reason for Entry:
Horizontal swing high resistance, 61.8% Fibonacci retracement, 127.2% Fibonacci extension
Take Profit: 1.40446
Reason for Take Profit:
Horizontal pullback support, 78.6% Fibonacci retracement
Stop Loss: 1.41804
Reason for Stop Loss:
127.2% Fibonacci retracement, 127.2% Fibonacci extension
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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