Price is facing bearish pressure as it continues to hold below the descending trendline resistance, in line with our bearish bias. We could potentially see a reversal at 1st resistance, which is in line with our 61.8% Fibonacci retracement, 50% Fibonacci extension and horizontal pullback resistance, and a further drop towards 1st support, in line with our 78.6% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing low support. Stochastics is also approaching the upper resistance level at 86.80 where it has reacted off before, in line with our analysis.
Reason for Entry:
61.8% Fibonacci retracement, 50% Fibonacci extension and horizontal pullback resistance
Take Profit: 1.72727
Reason for Take Profit:
78.6% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing low support
Stop Loss: 1.74360
Reason for Stop Loss:
78.6% Fibonacci extension and horizontal swing high resistance
The material has been provided by InstaForex Company – www.instaforex.com
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