Price has just broken below the ascending trendline support-turned-resistance, where it could potentially drop further below 1st resistance, in line with 38.2% Fibonacci retracement, 78.6% Fibonacci extension and horizontal pullback resistance, towards 1st support, in line with 78.6% Fibonacci retracement, 50%, 78.% Fibonacci extension and horizontal swing low support. MACD is also holding under the 0 line, indicating bearish pressure in line with our bearish bias.
Reason for Entry:
38.2% Fibonacci retracement, 78.6% Fibonacci extension and horizontal pullback resistance
Take Profit: 1.10055
Reason for Take Profit:
78.6% Fibonacci retracement, 50%, 78.% Fibonacci extension and horizontal swing low support
Stop Loss: 1.10879
Reason for Stop Loss:
78.6% Fibonacci retracement, 78.6%, 161.8% Fibonacci extension and horizontal swing high resistance
The material has been provided by InstaForex Company – www.instaforex.com
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