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Price is facing bearish pressure as it holds under the descending trendline resistance and MACD holds under the 0 line, in line with our bearish bias. We could potentially see a reversal at 1st resistance, in line with our 61.8% Fibonacci retracement, 78.6% Fibonacci extension and descending trendline resistance, and further downside towards 1st support, in line with our 78.6% Fibonacci extension and horizontal swing low support.

Trading Recommendation

Entry: 1.67753

Reason for Entry:

61.8% Fibonacci retracement, 78.6% Fibonacci extension and descending trendline resistance

Take Profit: 1.66682

Reason for Take Profit:

78.6% Fibonacci extension and horizontal swing low support

Stop Loss: 1.68445

Reason for Stop Loss:

127.2% Fibonacci extension and horizontal swing high resistance

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

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