Price is holding on an ascending trendline support, showing an overall bullish trend, however, we can expect price to make a small retracement at 1st resistance level in line with 61.8% Fibonacci projection towards the 1st Support in line with 38.2% Fibonacci retracement. Our short-term bearish bias is further supported by the stochastic indicator where the %K line is approaching the resistance level.
Trading Recommendation
Entry: 0.68642
Reason for Entry:
61.8% Fibonacci projection
Take Profit: 0.67966
Reason for Take Profit:
38.3% Fibonacci retracement
Stop Loss: 0.68973
Reason for Stop Loss:
78.6% Fibonacci retracement and 78.6% Fibonacci projection
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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