Price is approaching 1st resistance at 109.978 in line with 61.8% Fibonacci retracement and 161.8% Fibonacci extension where it is could reverse down to 1st support at 109.112 in line with 78.6% Fibonacci retracement and 61.8% Fibonacci extension. Our bearish bias is further supported by how MACD is holding below the 0 line. Otherwise price may continue to bullish to 2nd resistance at 110.394 in line with Horizontal swing high and 200% Fibonacci extension .
Trading Recommendation
Entry: 109.978
Reason for Entry:
61.8% Fibonacci retracement and 161.8% Fibonacci extension
Take Profit: 109.112
Reason for Take Profit:
78.6% Fibonacci retracement and 61.8% Fibonacci extension
Stop Loss: 110.394
Reason for Stop Loss:
Horizontal swing high and 200% Fibonacci extension