Price is consolidating and reacting below upper resistance of the descending price channel. Furthermore, Price is also holding below the 1st resistance at 1.13037 in line with 38.2% Fibonacci retracement and 38.2% Fibonacci extension. Price may bearish from 1st resistance at 1.13037 in line with 38.2% Fibonacci retracement and 38.2% Fibonacci extension to 1st support at 1.12291 in line with 127.2% Fibonacci retracement and 61.8% Fibonacci extension. In addition, our bearish bias is further supported by how Price is holding below the EMA, the Ichimoku cloud and MACD is holding below the 0 line. Otherwise Price may bullish towards 2nd resistance at 1.13606 in line with 78.6% Fibonacci retracement and 100% Fibonacci extension.
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