Price is testing resistance in line with our 23.6% fibonacci retracement and horizontal pullback resistance 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:
23.6% fibonacci retracement and horizontal pullback resistance
Take Profit: 103.003
Reason for Take Profit:
horizontal swing low support, 100% fibonacci extension and 78.6% fibonacci retracement
Stop Loss: 103.862
Reason for Stop Loss:
61.8% fibonacci retracement, horizontal overlap 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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