Prices appear to be consolidating in a triangle. We see potential for drop from our 1st resistance at 154.078 in line with 61.8% Fibonacci extension 23.6% Fibonacci retracement and bearish trendline towards our 1st support at 152.810 in line with 61.8% Fibonacci retracement. Alternatively, our stop loss will be placed at 2nd resistance at 154.667 which is an area of Fibonacci confluences. Technical indicators are showing bearish momentum.
Trading Recommendation
Entry: 154.078
Reason for Entry:
61.8% Fibonacci extension 23.6% Fibonacci retracement and bearish trendline
Take Profit: 152.810
Reason for Take Profit:
61.8% Fibonacci retracement
Stop Loss: 154.667
Reason for Stop Loss:
area of Fibonacci confluences
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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