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Prices are facing bearish pressure from horizontal pullback resistance, which is in line with 50% Fibonacci retracement and 100% Fibonacci extension. Prices might push down from 1st resistance towards 1st support in line with 100% Fibonacci extension and 127.2% Fibonacci retracement. If prices break 1st resistance, prices might face resistance from horizontal swing high resistance which is in line with 61.8% FIbonacci retracement and 50% Fibonacci extension. EMA is also above prices, showing a bearish pressure for prices.

Trading Recommendation

Entry: 0.91541

Reason for Entry:

Horizontal pullback resistance, 50% Fibonacci retracement, 100% Fibonacci extension

Take Profit:

Reason for Take Profit:

Horizontal swing low support, 100% Fibonacci extension, 127.2% Fibonacci retracement

Stop Loss: 0.91753

Reason for Stop Loss:

Horizontal swing high resistance, 50% Fibonacci extension, 61.8% Fibonacci retracement

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

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