Price is holding below the descending trendline resistance, signifying a bearish momentum. We can expect the price to continue to push down towards the 1st Support in line with the daily overlap support, 61.8% Fibonacci projection and 161.8% Fibonacci extension, if the price pushes past the intermediate support. Our bearish support is further supported by the price holding below the Ichimoku cloud indicator, a death cross spotted and RSI abiding the descending trendline. Alternatively, if price did not push past the intermediate support price might reverse back up to the 1st Resistance in line with 61.8% Fibonacci projection and38.2% Fibonacci retracement.
Trading Recommendation
Entry: 1.15877
Reason for Entry:
Intermediate support ,61.8% Fibonacci retracement
Take Profit: 1.15252
Reason for Take Profit:
161.8% Fibonacci Extension and 61.8% Fibonacci projection
Stop Loss: 1.16361
Reason for Stop Loss:
61.8% Fibonacci projection and 38.2% Fibonacci Retracement
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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