Price is on bearish momentum and abiding to our bullish trendline. We see potential for a dip from our 1st resistance at 1.25055 in line with 61.8% Fibonacci retracement, 127.2% Fibonacci extension and 50% Fibonacci retracement towards our 1st support at 1.24090 in line with 50% Fibonacci retracement and graphical overlap. Alternatively, our stop loss will be placed at 2nd resistance at 1.24090 in line with 50% Fibonacci retracement and graphical overlap. Technical indicators are showing bearish momentum.
Trading Recommendation
Entry: 1.25055
Reason for Entry:
61.8% Fibonacci retracement, 127.2% Fibonacci extension and 50% Fibonacci retracement
Take Profit: 1.24090
Reason for Take Profit:
50% Fibonacci retracement and graphical overlap
Stop Loss: 1.24090
Reason for Stop Loss:
50% Fibonacci retracement and graphical overlap