Price is abiding to the descending trendline resistance, signifying an overall bearish trend. However, price is currently at a graphical overlap support, we can expect price to make a short-term bullish bounce from the 1st support in line with 61.8% Fibonacci projection towards 1st Resistance in line with 61.8% Fibonacci projection and 38.2% Fibonacci retracement. Our short-term bullish momentum is further supported by the RSI indicator where it bounced off at the support level.
Reason for Entry:
61.8% Fibonacci projection and graphical overlap
Take Profit: 156.701
Reason for Take Profit:61.8% Fibonacci projection and 38.2% Fibonacci retracement
Stop Loss: 155.364
Reason for Stop Loss:
78.6% Fibonacci projectionThe material has been provided by InstaForex Company - www.instaforex.com