Price is reacting below our 1st resistance level at 0.91888 which is in line with 61.8% Fibonacci extension and horizontal swing low support. Price can potentially take support at 0.91526, which is in line with 38.2% Fibonacci retracement and horizontal swing low support. Alternatively, price may rise up to our 2nd resistance at 0.92142, which coincides with horizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Reason for Entry:
61.8% Fibonacci extension and horizontal swing low support
Take Profit: 0.91526
Reason for Take Profit:
38.2% Fibonacci retracement and horizontal swing low support
Reason for Stop Loss:
Horizontal swing high resistance
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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