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Price is approaching our descending trendline resistance and 1st resistance at 0.98094, in line with our 61.8% Fibonacci retracement and 100% Fibonacci extension. Price could potentially reverse at our 1st resistance and drop further towards our 1st support at 0.97739, which is in line with our 61.8% Fibonacci extension. It is also worth noting that price continues to hold below the Ichimoku cloud, which shows bearish pressure in line with our bearish bias.
Reason for Entry:
100% Fibonacci extension, 61.8% Fibonacci retracement and horizontal pullback resistance
Take Profit: 0.97739
Reason for Take Profit:
61.8% Fibonacci extension and horizontal swing low support
Stop Loss: 0.98282
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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