Price is approaching our resistance, in line with our descending trend line, horizontal swing high resistance, 61.8% fibonacci retracement and 161.8% Fibonacci extension where we could see a reversal below this level to our first support target. Ichimoku cloud is showing signs of bearish pressure as well, in line with our bearish bias.
Reason for Entry:
descending trend line, horizontal swing high resistance, 61.8% fibonacci retracement and 161.8% Fibonacci extension
Take Profit: 1.68128
Reason for Take Profit:
horizontal swing low support
Stop Loss: 1.69094
Reason for Stop Loss:
horizontal overlap resistance, 61.8% 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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