Price is facing bearish pressure as it continues to hold below both the descending trendline and moving average resistances, in line with our analysis. We could see a reversal at 1st resistance, in line with 61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal pullback resistance, and further downside towards 1st support, in line with 78.6% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing low support.

Trading Recommendation

Entry: 1.20419

Reason for Entry:

61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal pullback resistance

Take Profit: 1.19937

Reason for Take Profit:

78.6% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing low support

Stop Loss: 1.20760

Reason for Stop Loss:

127.2% Fibonacci extension and horizontal swing high resistance