Price is abiding to an ascending trendline, signifying a bullish momentum, however, we are expecting price to do a short-term retracement. We can expect price to be reversing from 1st Resistance in line with daily resistance and drop towards the 1st Support level in line with 23.6% Fibonacci retracement . Our short-term bearish bias is further supported by the RSI indicator where a bearish divergence is spotted.
Trading Recommendation
Entry: 93.164
Reason for Entry:
61.8% Fibonacci projection and daily resistance
Take Profit: 91.358
Reason for Take Profit:
23.6% Fibonacci Retracement
Stop Loss: 93.762
Reason for Stop Loss:
100% Fibonacci projection
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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