Price is trading in an ascending channel and near pivot level of 115.715 in line with 61.8% Fibonacci retracement and 61.8% Fibonacci projection. Price can potentially dip to the 1st support level of 114.506 in line with 61.8% Fibonacci retracement and 127.2% Fibonacci projection. Our bearish bias is supported by the ichimoku cloud indicator. Alternatively, price can potentially go to the 1st resistance level of 116.210 in line with 78.6% Fibonacci projection.
Trading Recommendation
Entry: 115.715
Reason for Entry: 61.8 % Fibonacci retracement, 61.8% Fibonacci projection and graphical overlap resistance
Take Profit: : 114.204
Reason for Take Profit: Swing low 61.8% Fibonacci retracement and 127.2% Fibonacci projection
Stop Loss: 115.731
Reason for Stop Loss:
78.6% Fibonacci projection