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Price reversed and broke above ascending trendline resistance (now support). A further push up above 1st support at 126.271 towards 1st resistance at 126.523 could be possible. RSI indicator also reacted above support where price bounced in the past.

Trading Recommendation

Entry: 126.271

Reason for Entry:

61.8% Fibonacci retracement, descending trendline support

Take Profit: 126.523

Reason for Take Profit:

-27.2% Fibonacci retracement, Horizontal swing high resistance

Stop Loss: 126.147

Reason for Stop Loss:

Horizontal swing low support

The material has been provided by InstaForex Company – www.instaforex.com

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