Price is holding below the descending trendline resistance, signifying a bearish momentum. We can expect the price to drop down from the 1st Resistance in line with 50% Fibonacci retracement towards the 1st Support level in line with the previous swing low. Our bearish bias is further supported by the stochastic indicator where the %K line is approaching the resistance level and awaiting a drop from that level.
Trading Recommendation
Entry: 0.73135
Reason for Entry:
50% Fibonacci Retracement, graphical overlap resistance
Take Profit: 0.71703
Reason for Take Profit:
Previous swing low
Stop Loss: 0.74097
Reason for Stop Loss:
78.6% Fibonacci Retracement and 61.8% Fibonacci projection
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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