Price is approaching our 1st resistance, which is in line with our 61.8% Fibonacci retracement, 61.8%, 78.6% Fibonacci extension levels and descending trendline resistance. We could potentially see a reversal and further downside towards 1st support, in line with our 61.8% Fibonacci extension and horizontal swing low support. Price is also holding under the Ichimoku cloud and descending trendline resistance, in line with our short-term bearish bias.

Trading Recommendation

Entry: 1.10549

Reason for Entry:

61.8% Fibonacci retracement, 61.8%, 78.6% Fibonacci extension levels and descending trendline resistance

Take Profit: 1.10348

Reason for Take Profit:

61.8% Fibonacci extension and horizontal swing low support

Stop Loss: 1.10690

Reason for Stop Loss:

100% Fibonacci extension and horizontal swing high resistance