Price has made a bearish breakout from the triangle pattern, we are expecting price to push down from 1st resistance at 1.26721 in line with 23.6% Fibonacci resistance and 23.6% Fibonacci extension to 1st support at 1.24934 in line with -0.272% Fibonacci retracement and 100% Fibonacci extension. Our bearish view is further supported by how price is holding below the Ichimoku cloud and MACD is also below the 0 line. Otherwise price may bullish towards the 2nd resistance at 1.273878 in line with 50% Fibonacci retracement and 61.8% Fibonacci extension.
Trading Recommendation
Entry: 1.26721
Reason for Entry:
23.6% Fibonacci resistance and 23.6% Fibonacci extension
Take Profit: 1.24934
Reason for Take Profit:
-0.272% Fibonacci retracement and 100% Fibonacci extension
Stop Loss: 1.273878
Reason for Stop Loss:
50% Fibonacci retracement and 61.8% Fibonacci extension.
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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