Price is holding on an ascending trendline support, showing an overall bullish trend, however, we are expecting a retracement to the 1st Support in line with ascending trendline support and 61.8% Fibonacci projection. Our short-term bearish bias is further supported by the MACD indicator where the signal line crosses the MACD line.
Trading Recommendation
Entry: 85.170
Reason for Entry:
Graphical resistance level
Take Profit: 83.117
Reason for Take Profit:
61.8% fibonacci projection
Stop Loss: 85.817
Reason for Stop Loss:
78.6% Fibonacci projection
The material has been provided by InstaForex Company - www.instaforex.com