Price is holding below the descending trendline resistance, signifying a bearish momentum. We can expect the price to continue to push down towards the 1st Support in line with 78.6% Fibonacci projection and 61.8% Fibonacci Retracement. Our bearish support is further supported by the stochastic indicator where the %K line drops from the resistance level.
Trading Recommendation
Entry: 0.73454
Reason for Entry:
61.8% Fibonacci retracement and 100% Fibonacci Projection
Take Profit: 0.72230
Reason for Take Profit:
78.6% Fibonacci projection and 61.8% Fibonacci Retracement
Stop Loss: 0.74127
Reason for Stop Loss:
61.8% Fibonacci projection and 78.6% Fibonacci retracement
The material has been provided by InstaForex Company - www.instaforex.com