Prices are on a bearish momentum and abiding to our bearish trendline. We see potential for continuous dip from our 1st resistance at 0.9132 in line with 50% and 23.6% Fibonacci retracement and also graphical overlap towards our 1st support at 0.90645 in line with 61.8% Fibonacci extension and 78.6% Fibonacci extension. Breaking the 1st support will find prices dipping further towards our 2nd support at 0.90237 in line with 100% Fibonacci extension and 127.2% Fibonacci extension which is a graphical swing low. RSI is showing bearish momentum. Alternatively, our stop loss will be placed at 2nd resistance at 0.91638 in line with 38.2% Fibonacci retracement.
Trading Recommendation
Entry: 0.9132
Reason for Entry:
50% and 23.6% Fibonacci retracement and also graphical overlap
Take Profit: 0.90645
Reason for Take Profit:
61.8% Fibonacci extension and 78.6% Fibonacci extension
Stop Loss: 0.90237
Reason for Stop Loss:
100% Fibonacci extension and 127.2% Fibonacci extension which is a graphical swing low
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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