Price is approaching our 1st support, in line with our 38.2% Fibonacci retracement and 100% Fibonacci extension. We could potentially see a bounce at this level and a further rise up towards our 1st resistance, which is in line with our 78.6% Fibonacci extension and horizontal swing high resistance. It is worth noting that the MACD indicator is also holding above the 0 line, showing bullish pressure in line with our bullish bias.

Trading Recommendation

Entry: 84.207

Reason for Entry:

38.2% Fibonacci retracement, 100% Fibonacci extension and horizontal swing low support

Take Profit: 84.778

Reason for Take Profit:

78.6% Fibonacci extension and horizontal swing high resistance

Stop Loss: 83.917

Reason for Stop Loss:

61.8% Fibonacci retracement, 127.2% Fibonacci extension and horizontal pullback support

The material has been provided by InstaForex Company –

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