Price is facing bearish pressure as it continues to hold below the Ichimoku cloud and descending trendline resistance, in line with our bearish bias. We could potentially see price approach our 1st resistance, in line with 50% Fibonacci retracement, 100% Fibonacci extension and horizontal swing high resistance, where we might see a reversal and further drop towards 1st support, in line with 50%, 78.6% Fibonacci extension and horizontal swing low support.
Reason for Entry:
50% Fibonacci retracement, 100% Fibonacci extension and horizontal swing high resistance
Take Profit: 1.91802
Reason for Take Profit:
50%, 78.6% Fibonacci extension and horizontal swing low support
Stop Loss: 1.93782
Reason for Stop Loss:
61.8% Fibonacci retracement, 61.8%, 161.8% Fibonacci extension and horizontal overlap support
The material has been provided by InstaForex Company – www.instaforex.com
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.