Price tested and reacted below descending trendline resistance. A short term drop below 1st resistance at 1.54984 towards 1st support at 1.54750 could be expected. Stochastic is testing resistance where price pulled back lower in the past.

Trading Recommendation

Entry: 1.54984

Reason for Entry:

78.6% Fibonacci retracement, descending trendline resistance

Take Profit: 1.54750

Reason for Take Profit:

Graphical swing low, ascending trendline support

Stop Loss: 1.55272

Reason for Stop Loss:

161.8% Fibonacci retracement, graphical swing high

The material has been provided by InstaForex Company –

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