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Price is facing bullish pressure as it continues to hold above both the Ichimoku cloud and ascending trendline support, in line with our bullish bias. We could potentially see a bounce at 1st support, in line with our 61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal pullback support, and a further rise up towards our 1st resistance, which is in line with our 61.8% Fibonacci extension and horizontal swing high resistance.

Trading Recommendation

Entry: 1.10621

Reason for Entry:

61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal pullback support

Take Profit: 1.10949

Reason for Take Profit:

61.8% Fibonacci extension and horizontal swing high resistance

Stop Loss: 1.10434

Reason for Stop Loss:

127.2% Fibonacci extension and horizontal swing low support

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

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