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.

Trading Recommendation

Entry: 1.21441

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 –

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