Price is approaching 1st resistance, which is in line with 78.6% Fibonacci retracement, 100% Fibonacci extension and horizontal pullback resistance. We could potentially see a reversal at this level and further downside towards 1st support, in line with 127.2% Fibonacci extension and horizontal pullback support. RSI is also testing the descending trendline resistance, showing signs of bearish pressure as well.
Reason for Entry:
78.6% Fibonacci retracement, 100% Fibonacci extension and horizontal pullback resistance
Take Profit: 108.676
Reason for Take Profit:
127.2% Fibonacci extension and horizontal pullback support
Stop Loss: 109.289
Reason for Stop Loss:
161.8% Fibonacci extension and 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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