We can see that price is abiding by the ascending trendline and we can see price has reached the 1st resistance hence, we can expect the price to reverse back down to the 1st Support in line with the 50% Fibonacci retracement , 100% Fibonacci projection and ascending trendline support. Our short-term bearish bias is further supported by the RSI indicator where it touched the resistance level and dropped.
Trading Recommendation
Entry: 113.827
Reason for Entry:
100% Fibonacci Projection
Take Profit: 112.146
Reason for Take Profit:
100% Fibonacci projection and 50% Fibonacci Retracement
Stop Loss: 114.581
Reason for Stop Loss:
Horizontal swing high, 127.2% Fibonacci projection
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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