Price is below the 1st resistance at 0.73787 in line with 61.8% Fibonacci retracement and 100% Fibonacci extension. Price could potentially bearish from 1st resistance at 0.73787 in line with 61.8% Fibonacci retracement and 100% Fibonacci extension to 1st support at 0.73335 in line with Horizontal swing low and 61.8% Fibonacci extension. Our bearish bias is further supported by how Price is holding below the EMA and the Ichimoku cloud and RSI is abiding to a descending trendline resistance. Otherwise price may continue to bullish to 2nd resistance at 0.74064 in line with Horizontal swing high and 161.8% Fibonacci extension.
Trading Recommendation
Entry: 0.73787
Reason for Entry:
38.2% Fibonacci retracement and 61.8% Fibonacci extension
Take Profit: 0.73335
Reason for Take Profit:
Horizontal swing low and 61.8% Fibonacci extension
Stop Loss: 0.74064
Reason for Stop Loss:
Horizontal swing high and 161.8% Fibonacci extension
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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