Price is now abiding to a descending trendline resistance, signifying bearish momentum. We can now expect price to make a drop from the 1st resistance in line with 78.6% Fibonacci retracement and 78.6 % Fibonacci projection towards the 1st Support in line with 78.6% Fibonacci projection. Our bearish bias is further supported by the RSI indicator where it is at the descending trendline resistance.
Reason for Entry:
78.6% Fibonacci retracement and 78.6 % Fibonacci projection
Take Profit: 0.90909
Reason for Take Profit: 78.6% Fibonacci projection
Stop Loss: 0.91744
Reason for Stop Loss:
61.8% Fibonacci retracementThe material has been provided by InstaForex Company - www.instaforex.com