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Prices are facing bullish pressure from 1st support which is in line with 78.6% Fibonacci retracement, 50% Fibonacci extension and horizontal swing low support. Prices might push up towards 1st resistance which is in line with horizontal swing high resistance in line with 61.8% FIbonacci extension and 100% Fibonacci extension. If prices push lower, prices might take support from swing low support which coincides with 61.8% FIbonacci retracement and 100% Fibonacci extension. Stochastics seem to also be approaching the 12.68 level, potential for a bounce in line with our analysis.

Trading Recommendation

Entry: 0.71578

Reason for Entry:

Horizontal swing low support, 50% Fibonacci extension, 78.6% Fibonacci retracement

Take Profit: 0.71911

Reason for Take Profit:

Horizontal swing high resistance, 61.8% Fibonacci extension, 100% Fibonacci extension

Stop Loss: 0.71479

Reason for Stop Loss:

Horizontal swing low support, 61.8% Fibonacci retracement, 100% Fibonacci extension

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

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