Price dropped and reached our profit target, as expected. We are now bearish below the resistance at 121.20 (Fibonacci retracement, horizontal overlap resistance), looking for a further drop to 119.93 (Fibonacci projection, Fibonacci retracement).
RSI (34) sees descending resistance that holds the price down.
Sell below 121.20. Set stop loss at 121.76 and take profit at 119.93.
The material has been provided by InstaForex Company – www.instaforex.com
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