Prices are facing bearish pressure from 1st resistance in line with -27.2% Fibonacci retracement and 127.2% Fibonacci extension. Prices might push down further towards 1st support in line with 78.6% FIbonacci retracement and 61.8% FIbonacci retracement. If prices push past 1st resistance, prices might face resistance from horizontal swing high resistance which coincides with 78.6% FIbonacci retracement. EMA is also above prices, showing a bearish pressure for prices.
Reason for Entry:
Horizontal swing high resistance, 127.2% Fibonacci extension, -27.2% Fibonacci retracement
Take Profit: 1.10135
Reason for Take Profit:
Horizontal swing low support, 78.6% FIbonacci retracement, 61.8% Fibonacci retracement
Stop Loss: 1.10550
Reason for Stop Loss:
Horizontal swing high resistance, 78.6% FIbonacci retracement
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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