EURUSD bearish continuation | 6th Oct 2021

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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 the daily overlap support, 61.8% Fibonacci projection and 161.8% Fibonacci extension, if the price pushes past the intermediate support. Our bearish support is further supported by the price holding below the Ichimoku cloud indicator, a death cross spotted and RSI abiding the descending trendline. Alternatively, if price did not push past the intermediate support price might reverse back up to the 1st Resistance in line with 61.8% Fibonacci projection and38.2% Fibonacci retracement.

Trading Recommendation

Entry: 1.15877

Reason for Entry:

Intermediate support ,61.8% Fibonacci retracement

Take Profit: 1.15252

Reason for Take Profit:

161.8% Fibonacci Extension and 61.8% Fibonacci projection

Stop Loss: 1.16361

Reason for Stop Loss:

61.8% Fibonacci projection and 38.2% Fibonacci Retracement

The material has been provided by InstaForex Company - www.instaforex.com

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