Price is reacting below the descending trendline resistance on the daily timeframe this shows an overall bearish trend, however we can expect a short-term bullish momentum for the price to bounce back to the resistance level. We can expect the price to bounce from the 1st Support in line with 61.8% Fibonacci Projection and 38.2% Fibonacci Retracement towards the 1st Resistance in line with 61.8% Fibonacci projection. Our bullish bias is further supported by the stochastic indicator where the %K line bounced from the support line.
Trading Recommendation
Entry:149.922
Reason for Entry:
38.2% Fibonacci Retracement and 61.8% Fibonacci projection
Take Profit: 152.161
Reason for Take Profit:
61.8% Fibonacci projection
Stop Loss: 149.156
Reason for Stop Loss:
78.6% Fibonacci projection
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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