Price broke out of the ascending trendline support showing an overall bearish momentum. We are expecting price to drop from the 1st resistance in line with 23.6% Fibonacci retracement towards the 1st Support in line with 38.2% Fibonacci projection and 100% Fibonacci projection. Our bearish bias is further supported by the stochastic indicator where the %K line touched the resistance level.
Reason for Entry:
23.6% Fibonacci retracement
Take Profit: 113.242
Reason for Take Profit:38.2% Fibonacci projection and 100% Fibonacci projection
Stop Loss: 114.630
Reason for Stop Loss:
61.8% Fibonacci projection and -27.2% Fibonacci retracementThe material has been provided by InstaForex Company - www.instaforex.com