Prices are facing bearish pressure from the descending trend line as well as horizontal swing high resistance which is in line with 100% fibonacci extension and 78.6% fibonacci retracement. Prices are likely to push down towards horizontal swing low support which is in line with 100% fibonacci extension and 127.2% fibonacci extension. If prices break through descending trend line resistance and 1st resistance, price is likely to face resistance from 2nd resistance which is a horizontal swing high resistance which coincides with 78.6% fibonacci retracement. EMA is above prices, showing a bearish pressure for prices.
Reason for Entry:
Horizontal swing high resistance, 78.6% fibonacci retracement, 100% fibonacci extension
Take Profit: 110.375
Reason for Take Profit:
Horizontal swing low support, 78.6% fibonacci extension, 127,2% fibonacci extension
Stop Loss: 110.848
Reason for Stop Loss:
Horizontal swing high resistance, 78.6% fibonacci retracement
The material has been provided by InstaForex Company – www.instaforex.com
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