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Price is holding below the moving average resistance, showing bearish pressure in line with our bearish bias. We could potentially see price reverse at our 1st resistance, which is in line with our 61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal pullback resistance, and face further downside towards 1st support, in line with our 50% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing low support.

Trading Recommendation

Entry: 1.49509

Reason for Entry:

61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal pullback resistance

Take Profit: 1.48953

Reason for Take Profit:

50% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing low support

Stop Loss: 1.49917

Reason for Stop Loss:

161.8% Fibonacci extension and horizontal swing high resistance

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

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