Price is facing bearish pressure from our first resistance, in line with our 61.8% fibonacci extension, 38.2% fibonacci retracement and horizontal pullback resistance where we could see a reversal below this level to our first support level. Ichiomku cloud is showing signs of bearish pressure in line with our bearish bias.
Trading Recommendation
Entry: 124.555
Reason for Entry:
61.8% fibonacci extension, 38.2% fibonacci retracement and horizontal pullback resistance
Take Profit: 122.355
Reason for Take Profit:
61.8% fibonacci retracement and horizontal overlap support
Stop Loss: 125.398
Reason for Stop Loss:
Horizontal pullback resistance, 61.8% fibonacci retracement