Price is facing bearish pressure as it holds under the descending trendline resistance and 1st resistance at 77.330 in line with 38.2% Fibonacci retracement and 23.6% Fibonacci extension. Price may bearish from 1st resistance at 77.330 in line with 38.2% Fibonacci retracement and 23.6% Fibonacci extension towards the 1st support at 75.990 in line with 61.8% Fibonacci retracement and 76.4% Fibonacci extension . Our bearish view is further supported by price holding below the EMA and MACD is shown to be holding below the 0 line. Otherwise price may continue to bullish towards 2nd resistance at 77.894 in line with 61.8% Fibonacci retracement and 38.2% Fibonacci extension.
Trading Recommendation
Entry: 77.330
Reason for Entry:
38.2% Fibonacci retracement and 23.6% Fibonacci extension
Take Profit: 75.990
Reason for Take Profit:
61.8% Fibonacci retracement and 76.4% Fibonacci extension
Stop Loss: 77.894
Reason for Stop Loss:
61.8% Fibonacci retracement and 38.2% Fibonacci extension
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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