Prices are facing bullish pressure from 1st support which is in line with 78.6% fibonacci retracement and horizontal swing low support. Prices might push higher towards 1st resistance which is in line with 161.8% fibonacci retracement and 50% fibonacci retracement and horizontal swing high resistance. If prices fall through 1st support, prices might take support on 2nd support which is in line with 50% fibonacci extension and 127.2% fibonacci retracement. Stochastics is also showing that it is approaching 4.09 level support, potentially experiencing a bounce, in line with our analysis.

Trading Recommendation

Entry: 0.65254

Reason for Entry:

Horizontal swing low support, 78.6% fibonacci retracement

Take Profit: 0.65816

Reason for Take Profit:

Horizontal swing high resistance, 161.8% fibonacci retracement, 50% fibonacci retracement

Stop Loss: 0.65080

Reason for Stop Loss:

Horizontal swing low support, 50% fibonacci extension, 127.2% fibonacci retracement

The material has been provided by InstaForex Company –

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