On H4 chart the price moved from the level of ignificant Fibonacci resistance (correction 0.0%, broadening 61.8%) and reached the middle line of Bollinger Bands at 18.37. Breaking down through this level will lead to further decrease to the levels of 18.15 (match of corrections 23.6% for the short-term and 50.0% for the long-term trend) and further to the levels of 18.00 and 17.89 (correction 38.2%). Otherwise the quotes may attempt to grow to April maximums to the level of 18.51-18.56.
On the D1 chart the price is being corrected from the downward correction fan line 61.8% and aims at 18.16 (correction 50.0%, middle line of Bollinger Bands). If the price reverses and breaks up through the fan line of 61.8% at the level of 18.56 the next target of the “bulls” will be 18.75 (correction 61,8%). Generally, downward tendencies seem preferable as for now (on the H4 chart Stochastic is directed downward, and on D1 chart it is about to move from the overbought zone and form a sell signal).
Sell positions may be opened below the level of 18.37 or after reversal from the level of 18.51 with targets at 18.15, 18.00 and stop-losses at 18.45 and 18.60 respectively.
Buy positions may be opened if the price consolidates above 18.56 with target at 18.75. Stop-loss should be placed at 18.45.
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