Price is holding on an ascending trendline support, showing an overall bullish trend, however, we can expect price to make a small retracement at the pivot level. We can expect price to drop from the pivot level in line with 127.2% Fibonacci Projection towards the take profit level in line with 61.8% Fibonacci projection and 38.2% Fibonacci retracement. Our short-term bearish bias is further supported by the stochastic indicator %K line where it is approaching the resistance level.
Trading Recommendation
Entry: 0.74859
Reason for Entry:
61.8% Fibonacci projection and 38.2% Fibonacci retracement
Take Profit: 0.73841
Reason for Take Profit:
127.2% Fibonacci projection
Stop Loss: 0.75227
Reason for Stop Loss:
Daily resistance
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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