Price is approaching 1st resistance at 77.72 in line with Horizontal swing high and 76.4% Fibonacci extension where it could see a reverse down to 1st support at 73.50 in line with 61.8% Fibonacci retracement and 23.6% Fibonacci extension. Our bearish bias is further supported by how Stochastic is testing resistance where price dropped in the past. Otherwise price may continue to bullish to 2nd resistance at 80.22 in line with -27.2% Fibonacci retracement and 127.2% Fibonacci extension.
Trading Recommendation
Entry: 110.053
Reason for Entry:
Horizontal swing high and 100% Fibonacci extension
Take Profit: 109.120
Reason for Take Profit:
Horizontal swing low and 61.8% Fibonacci extension
Stop Loss: 110.447
Reason for Stop Loss:
127.2 Fibonacci retracement and 127.2% Fibonacci extension.
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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