Price is reacting in an ascending channel on the daily, signifying an overall bullish trend. However, we can expect price to push down for a little from 1st Resistance in line with graphical overlap resistance towards the 1st Support 161.8% Fibonacci retracement, 38.2% Fibonacci retracement and 78.6% Fibonacci projection. Our bearish bias is further supported by price holding below the Ichimoku cloud and RSI indicator abiding to a descending trendline.
Reason for Entry:
Take Profit: 0.73801
Reason for Take Profit:
61.8% Fibonacci retracement, 38.2% Fibonacci retracement and 78.6% Fibonacci projection
Stop Loss: 0.74451
Reason for Stop Loss:
61.8% Fibonacci projectionThe material has been provided by InstaForex Company - www.instaforex.com