Hello traders, this is my trade bearish setup based on technical analysis.
Price is currently @ the 55 moving average on the daily chart making lower highs and lower lows, respecting the trendlines. Resistance identified @ MM3 pivot which is a 61.8 fib and a potential level for bears to go short, eyeing a target of the 124.4 fib extension.
Price currently @ resistance WR1 moving in an upward channel. Potential double top could occur as WR1 coincides with DR1 on H1. IF price breaks through WR1 resistance than 0.7100 & WR2 will be our next levels of resistance & possible areas to go short.
Price is @ resistance that has been tested several times and price failed to break to the upside. Market direction seems bullish. Stochastics pointing up. If bulls push price to break DR1 than look for sell opportunities at the next resistance area. But keep in mind price is retesting current resistance.