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