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Prices are facing bearish pressure from horizontal swing high resistance which is in line with 61.8% Fibonacci retracement and 78.6% Fibonacci extension. Prices might push down towards 1st support which coincides with horizontal swing low support which is in line with 50% Fibonacci retracement. If prices push up further, prices might face resistance from swing high resistance which is in line with 50% Fibonacci extension and 161.8% Fibonacci retracement. Stochastics is facing resistance from 92.64, potential for bounce.
Reason for Entry:
Horizontal swing high resistance, 61.8% Fibonacci retracement, 78.6% Fibonacci extension
Take Profit: 0.70976
Reason for Take Profit:
Horizontal swing low support, 50% Fibonacci retracement
Stop Loss: 0.71646
Reason for Stop Loss:
Horizontal swing high resistance, 50% Fibonacci extension, 161.8% FIbonacci extension
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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