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Price is holding below the Ichimoku cloud and descending trendline resistance, showing bearish pressure in line with our bearish bias. We could potentially see price reverse at 1st resistance, in line with 50% Fibonacci retracement and horizontal pullback resistance, and drop further towards 1st support, in line with 100%, 127.2% Fibonacci extension and horizontal swing low support.

Trading Recommendation

Entry: 130.221

Reason for Entry:

50% Fibonacci retracement and horizontal pullback resistance

Take Profit: 130.446

Reason for Take Profit:

61.8% Fibonacci extension and horizontal swing high resistance

Stop Loss: 129.802

Reason for Stop Loss:

100%, 127.2% Fibonacci extension and horizontal swing low support.

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

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