Price is approaching 1st resistance, in line with 61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal overlap resistance, where we could see a reversal and further drop towards 1st support, in line with 78.6% Fibonacci retracement, 78.6% Fibonacci extension and horizontal swing low support. Price is also holding below moving average and descending trendline resistances, showing signs of bearish pressure.

Trading Recommendation

Entry: 0.85643

Reason for Entry:

61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal overlap resistance

Take Profit: 0.85410

Reason for Take Profit:

78.6% Fibonacci retracement, 78.6% Fibonacci extension and horizontal swing low support

Stop Loss: 0.85830

Reason for Stop Loss:

161.8% Fibonacci extension and horizontal swing high resistance