Price is facing bearish pressure as it holds under the descending trendline resistance and MACD holds under the 0 line, in line with our bearish bias. We could potentially see a reversal at 1st resistance, in line with our 61.8% Fibonacci retracement, 78.6% Fibonacci extension and descending trendline resistance, and further downside towards 1st support, in line with our 78.6% Fibonacci extension and horizontal swing low support.
Trading Recommendation
Entry: 1.67753
Reason for Entry:
61.8% Fibonacci retracement, 78.6% Fibonacci extension and descending trendline resistance
Take Profit: 1.66682
Reason for Take Profit:
78.6% Fibonacci extension and horizontal swing low support
Stop Loss: 1.68445
Reason for Stop Loss:
127.2% Fibonacci extension and horizontal swing high resistance
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