Price is moving below our 1st resistance level at 0.92135 which is in line with 50.0% Fibonacci extension level and horizontal swing high resistance. We have a bearish bias that price can potentially drop to 1st support at 0.91553, which is in line with horizontal overlap support and possibly even to 2nd support at 0.91089 in line with the 161.8% Fibonacci projection and graphical swing low support. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 0.92453, which coincides with 38.2% Fibonacci retracement level, horizontal overlap resistance & 78.6% Fibonacci retracement level . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Reason for Entry:
50.0% Fibonacci extension level and horizontal swing high resistance
Take Profit: 0.91553
Reason for Take Profit:
Horizontal overlap support
Stop Loss: 0.92453
Reason for Stop Loss:
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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