Price is approaching 1st resistance, which is in line with 61.8% Fibonacci retracement, 78.6% Fibonacci extension and descending trendline resistance, where we could see a reversal and further drop towards 1st support, in line with 78.6% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing low support. It is worth noting that price is also holding under both the descending trendline and Ichimoku cloud resistances, showing signs of bearish pressure in line with our analysis.
Reason for Entry:
61.8% Fibonacci retracement, 78.6% Fibonacci extension and descending trendline resistance
Take Profit: 1.56885
Reason for Take Profit:
100%, 127.2% Fibonacci extension and horizontal swing low support
Stop Loss: 1.57722
Reason for Stop Loss:
78.6%, 127.2% Fibonacci extension and horizontal swing low support
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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