Prices are on a bearish momentum and have recently broken out of our descending trendline. We see potential for dips from our 1st resistance at 1.85927 in line with 100% and 161.8% Fibonacci extension and graphical swing highs towards our 1st support at 1.84659 in line with 61.8% and 127.2% Fibonacci extension and 38.2% Fibonacci retracement. Alternatively, our stop loss will be placed at 2nd resistance at 1.86436 in line with 127.2% and 200% Fibonacci extension. Technical indicators are showing bearish momentum.
Trading Recommendation
Entry: 1.85927
Reason for Entry:
100% and 161.8% Fibonacci extension and graphical swing highs
Take Profit: 1.84659
Reason for Take Profit:
61.8% and 127.2% Fibonacci extension and 38.2% Fibonacci retracement
Stop Loss: 1.86436
Reason for Stop Loss:
127.2% and 200% Fibonacci extension