Price is facing bearish pressure from our first resistance, in line with our 78.6% fibonacci extension, 61.8% 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: 1.17528
Reason for Entry:
78.6% fibonacci extension, 61.8% fibonacci retracement and horizontal pullback resistance
Take Profit: 1.16954
Reason for Take Profit:
127.2% fibonacci extension
Stop Loss: 1.17766
Reason for Stop Loss:
Horizontal swing high resistance, 127.2% fibonacci extension