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Price reacting above recent swing low and approaching 1st resistance at 0.76283. Technical indicators are calling for room for further bearish downside with price holding below descending trendline resistance. A short term intraday drop towards 1st support at 0.75798 can be expected.

Trading Recommendation

Entry: 0.76283

Reason for Entry:

23.6% Fibonacci retracement, Moving average resistance

Take Profit: 0.75798

Reason for Take Profit:

Graphical swing low

Stop Loss: 0.76672

Reason for Stop Loss:

50% FIbonacci retracement, Descending trendline resistance

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

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