Prices are facing bullish pressure from 1st support, in line with 38.2% fibonacci retracement level. Prices might push up further towards 1st resistance which is in line with horizontal swing high resistance as well as 61.8% fibonacci retracement. If prices push down further, prices might take support from 2nd support which is in line with 78.6% fibonacci retracement and 50% fibonacci extension. EMA is also below prices, suggesting a chance for a bounce.
Reason for Entry:
Horizontal swing low support, 38.2% fibonacci retracement
Take Profit: 1.38209
Reason for Take Profit:
Horizontal pullback resistance, 50% fibonacci retracement
Stop Loss: 1.36996
Reason for Stop Loss:
Horizontal swing low support, 78.6% fibonacci retracement, 50% fibonacci extension
The material has been provided by InstaForex Company – www.instaforex.com
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