Price is testing resistance in line with our 38.2% fibonacci retracement, 61.8% fibonacci extension and horizontal swing high 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.

Trading Recommendation

Entry: 0.77150

Reason for Entry:

38.2% fibonacci retracement, 61.8% fibonacci extension and horizontal swing high resistance

Take Profit: 0.76656

Reason for Take Profit:

horizontal swing low support, 127.2% fibonacci extension

Stop Loss: 0.77423

Reason for Stop Loss:

61.8% fibonacci retracement, horizontal pullback resistance