Price is facing bearish pressure from our first resistance in line with our horizontal overlap resistance, 38.2% fibonacci retracement and 61.8% fibonacci extension where we could see a further drop below this level to our first support target. Ichimoku cloud is showing signs of bearish pressure as well, in line with our bearish bias.

Trading Recommendation

Entry: 1.55520

Reason for Entry:

horizontal overlap resistance, 38.2% fibonacci retracement and 61.8% fibonacci extension

Take Profit: 1.54217

Reason for Take Profit:

61.8% fibonacci retracement and horizontal pullback support

Stop Loss: 1.56221

Reason for Stop Loss:

horizontal overlap resistance, 61.8% fibonacci retracement