On the H4 timeframe, price broke out of the ascending trendline support, signifying a bearish momentum. We can now expect the price to drop from 1st Resistance in line with 78.6% Fibonacci projection towards 1st Support in line with 61.8% FIbonacci projection and horizontal support. Our bearish bias is further supported by the ichimoku cloud indicator where price is holding below it .
Trading Recommendation
Entry:113.463
Reason for Entry:
78.6% Fibonacci projection
Take Profit: 112.740
Reason for Take Profit:
61.8% Fibonacci projection and horizontal support
Stop Loss: 113.769
Reason for Stop Loss:
100% Fibonacci projection
The material has been provided by InstaForex Company -
www.instaforex.com
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RobotFX
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