This article was posted on Monday, 11:03, UTC.
The price reached a strong resistance zone formed by SMA100 and 108.50 resistance level. RSI confirms price reversal. MACD histogram supports downward movement. We can expect for continuation of the downtrend on the 1H time frame. Pending orders for sell should be placed below SMA50. It’s 108.20 level. Stop orders must be placed above 108.70 level which is higher than the resistance level and SMA100. Profit target should be near the support level. If the market moves above the resistance zone, sell orders must be deleted. Recommended trading volume for this trade is up to 3% from your deposit.
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Profit Targets: 107.50
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Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years trading experience. The main covered markets are Forex, Commodity, Cryptocurrency. Provides personal education for those who are interested in profitable trading. Entries in TOP 10 among TradingView authors.