Price is holding below the descending trendline resistance, however we are expecting price to be making a short-term bullish bounce as price is seen to bounce off the weekly overlap support. We can expect price to push past 1st support and ride the bullish momentum towards the 1st resistance in line with 61.8% Fibonacci projection and descending trendline resistance. Our short-term bullish bias is further supported by the stochastic indicator %D line where it bounced off the support level.
Trading Recommendation
Entry: 85.953
Reason for Entry:
50% Fibonacci retracement
Take Profit: 86.999
Reason for Take Profit:
Horizontal swing low
Stop Loss: 84.760
Reason for Stop Loss:
78.6% Fibonacci projection
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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