EURUSD facing bearish pressure, potential for more downside!

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Price is holding below the Daily descending trendline and the 1st resistance at 1.15731 in line with 50% Fibonacci retracement and 61.8% Fibonacci extension. Price could potentially bearish from 1st resistance at 1.15731 in line with 50% Fibonacci retracement and 61.8% Fibonacci extension to 1st support at 1.14950 in line with -27.2% Fibonacci retracement and 61.8% Fibonacci extension. Our bearish bias is further supported by how Price is holding below the EMA and the Ichimoku cloud and RSI is abiding to a descending trendline. Otherwise price may continue to bullish to 2nd resistance at 1.16125 in line with Horizontal swing high and 127% Fibonacci extension.

Trading Recommendation

Entry: 1.15731

Reason for Entry:

50% Fibonacci retracement and 61.8% Fibonacci extension

Take Profit: 1.14950

Reason for Take Profit:

-27.2% Fibonacci retracement and 61.8% Fibonacci extension

Stop Loss: 1.16125

Reason for Stop Loss:

Horizontal swing high and 127% Fibonacci extension

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

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