Price testing and holding below descending trendline resistance and key fibonacci retracement level. A short term drop below 1st resistance at 103.721 towards 1st support at 103.590 could be expected.
Reason for Entry:
61.8% Fibonacci retracement,descending trendline resistance and moving average resistance
Take Profit: 103.590
Reason for Take Profit:
Graphical swing low support
Stop Loss: 103.477
Reason for Stop Loss:
Horizontal swing high resistance
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.