Price may have made a breakout from the lower support (now resistance) of the ascending trendline channel and may have form a possible double top pattern. Price may bearish from 1st resistance at 1.6397 in line with 23.6% Fibonacci retracement and 38.2% Fibonacci extension to 1st support at 1.16084 in line with 61.8% Fibonacci retracement and 127.2% Fibonacci extension. Our bearish view is further supported by how RSI is holding below by a corresponding descending trendline resistance. Otherwise price may bullish to 2nd resistance at 1.16568 in line with 38.2% Fibonacci retracement and 61.8% Fibonacci extension.
Trading Recommendation
Entry: 1.6397
Reason for Entry:
23.6% Fibonacci retracement and 38.2% Fibonacci extension
Take Profit: 1.16084
Reason for Take Profit:
61.8% Fibonacci retracement and 127.2% Fibonacci extension
Stop Loss: 1.16568
Reason for Stop Loss:
38.2% Fibonacci retracement and 61.8% Fibonacci extension.
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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