On the H4, price is abiding to the descending trendline resistance, signifying bearish momentum. Price dropped below the daily overlap support, we can expect price to drop from 1st Resistance in line with 38.2% FIbonacci retracement and 61.8% Fibonacci projection towards 1st Support in line with 161.8% Fibonacci extension. Our bearish bias is further supported by the Ichimoku cloud indicator acting as a resistance.
Trading Recommendation
Entry:0.70615
Reason for Entry:
38.2% FIbonacci retracement and 61.8% Fibonacci projection
Take Profit: 0.69940
Reason for Take Profit:
161.8% Fibonacci extension
Stop Loss: 0.71033
Reason for Stop Loss:
61.8% Fibonacci retracement and 100% Fibonacci projection
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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