Prices are facing bullish pressure from 1st support level which is in line with 50% fibonacci extension and 78.6% fibonacci retracement. Prices might push up towards 1st resistance which is horizontal swing high resistance which is in line with 161.8% fibonacci retracement and 50% fibonacci retracement. If prices fall through 1st support, prices might take support from 2nd support which is in lien with -27.2% fibonacci retracement and 61.8% fibonacci extension. Stochastics is also approaching 5.71 level, potential for a bounce which is in line with our hypothesis.
Reason for Entry:
Horizontal swing low support, 50% fibonacci extension, 78.6% fibonacci retracement
Take Profit: 0.95904
Reason for Take Profit:
Horizontal swing high resistance, 50% fibonacci retracement, 161.8% fibonacci retracement
Stop Loss: 0.95253
Reason for Stop Loss:
Horizontal swing low support, 61.8% fibonacci extension, -27.2% fibonacci retracement
The material has been provided by InstaForex Company – www.instaforex.com
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