Price is facing bearish pressure as it broke below the ascending trendline and 21 EMA. Price is also facing resistance from 1st resistance level where it coincides with 78.6% fibonacci retracement and 61.8% fibonacci extension. We could potentially see a drop of price towards 1st support at 1.20573 level where it coincides with 100% fibonacci extension and 78.6% fibonacci retracement.
Reason for Entry:
61.8% fibonacci extension, 78.6% fibonacci retracement, horizontal swing high resistance
Take Profit: 1.20594
Reason for Take Profit:
100% fibonacci extension, 78.6% fibonacci retracement, horizontal swing low support
Stop Loss: 1.22216
Reason for Stop Loss:
100% fibonacci extension and 127.2% fibonacci retracement confluence zone
The material has been provided by InstaForex Company – www.instaforex.com
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