Price is holding on an ascending channel however, price can be expected to retrace back to the support level. We can expect the price to hit 1st Resistance in line with 161.8% Fibonacci retracement and 78.6% Fibonacci projection and drop down towards the 1st Support in line with 100% Fibonacci projection and 127.2% Fibonacci retracement. Our short-term bearish bias is further supported by the RSI indicator where it abided below a descending trendline resistance and showing a bearish divergence.
Reason for Entry:
161.8% Fibonacci retracement and 78.6% Fibonacci projection
Take Profit: 113.721
Reason for Take Profit:
100% Fibonacci projection and 127.2% Fibonacci retracement
Stop Loss: 115.262
Reason for Stop Loss:
127.2% Fibonacci projection
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