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Price is approaching 1st resistance, which is in line with our 61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal swing high resistance. We could potentially see a reversal at this level and further downside towards our 1st support, which is in line with our 61.8% Fibonacci extension and horizontal swing low support. It is worth noting that price is still holding below the Ichimoku cloud and descending trendline resistance, showing bearish pressure in line with our analysis.

Trading Recommendation

Entry: 0.71371

Reason for Entry:

61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal swing high resistance

Take Profit: 0.70890

Reason for Take Profit:

61.8% Fibonacci extension and horizontal swing low support

Stop Loss: 0.71722

Reason for Stop Loss:

161.8% Fibonacci extension and horizontal swing high resistance

The material has been provided by InstaForex Company – www.instaforex.com

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