Prices are on a bearish momentum and abiding to our bearish trendline. We see potential for a dip from our 1st resistance at 128.016 which is a graphical overlap and area of Fibonacci confluences towards our 1st support at 127.324 which is an area of Fibonacci confluences. Breaking the 1st support will find prices dipping further towards our 2nd support at 126.703 in line with 127.2% Fibonacci extension. Technical indicators are also showing bearish momentum. Alternatively, our stop loss will be placed at 2nd resistance at 128.510 which is an area of Fibonacci confluences and also in line with our bearish trendline.
Trading Recommendation
Entry: 128.016
Reason for Entry:
Area of Fibonacci confluences and also graphical overlap
Take Profit: 127.324
Reason for Take Profit:
Area of Fibonacci confluences
Stop Loss: 128.510
Reason for Stop Loss:
Area of Fibonacci confluences and also in line with our bearish trendline
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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