Price broke downwards of a wedge pattern, signifying a bearish momentum. We can expect price to make a small bounce up to 1st Resistance in line with 23.6% Fibonacci retracement and push back down to 1st Support in line with previous swing low. Our bearish bias is further supported by the price holding below the 50period MA and the MACD indicator showing the MACD line crossed below the signal line.
Trading Recommendation
Entry: 150.113
Reason for Entry:
23.6% Fibonacci retracement
Take Profit: 149.184
Reason for Take Profit:
Horizontal swing low
Stop Loss: 150.585
Reason for Stop Loss:
38.2% Fibonacci retracement
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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