The key idea is to prepare to sell below major resistance at 116.80 (multiple Fibonacci projections, Fibonacci retracement, horizontal resistance) for a drop to 114.87.
RSI (34) is also approaching major descending resistance where we expect a reaction from.
Sell below 116.80. Stop loss at 117.33. Take profit at 114.87.
The material has been provided by InstaForex Company – www.instaforex.com