Price has broken the daily ascending trendline support turn resistance, and price is seen to be holding below it showing a bearish momentum. Price is expected to retest the trendline at 1st resistance level in line with 23.6% Fibonacci retracement and horizontal support turn resistance. Our bearish bias is further supported by the price holding below the Ichmoku cloud, %K line abiding the descending trendline resistance on the Stochastic indicator and price holding below the 50period MA.
Trading Recommendation
Entry: 1.2854
Reason for Entry:
23.6% Fibonacci retracement, horizontal support turn resistance
Take Profit: 1.24226
Reason for Take Profit:
127.2% Fibonacci extension
Stop Loss: 1.26508
Reason for Stop Loss:
38.2% Fibonacci retracement and 78.6% Fibonacci extension