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 61.8% Fibonacci projection and 61.8% Fibonacci Retracement, if the price pushes past the intermediate support. Our bearish support is further supported by the stochastic indicator where the %K line drops from the resistance level. Alternatively, if price did not push past the intermediate support price might reverse back up to the 1st Resistance in line with 78.6% Fibonacci projection.
Trading Recommendation
Entry: 152.1
Reason for Entry:
Descending trendline resistance ,78.6% Fibonacci Projection
Take Profit: 150.157
Reason for Take Profit:
61.8% Fibonacci Retracement and 61.8% Fibonacci projection
Stop Loss: 152.789
Reason for Stop Loss:
100% Fibonacci projection and -27.2% Fibonacci Extension
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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