Prices are facing bullish pressure from 1st support which is in line with ascending trendline support, horizontal swing low support, 78.6% Fibonacci retracement and 61.8% Fibonacci extension. Prices might push up towards 1st resistance, which is in line with horizontal swing high resistance, -27.2% Fibonacci retracement, 127.2% Fibonacci retracement. If prices push even lower, prices might hit 2nd support which is in line with horizontal swing low support, 100% Fibonacci extension and -27.2% Fibonacci retracement. Ichimoku cloud is also below prices, showing a bullish pressure for prices.
Reason for Entry:
Horizontal swing low support, 61.8% Fibonacci extension, 78.6% Fibonacci retracement
Take Profit: 130.561
Reason for Take Profit:
Horizontal swing high resistance, 127.2% Fibonacci retracement, -27.2% Fibonacci retracement
Stop Loss: 129.658
Reason for Stop Loss:
Horizontal swing low support, 100% Fibonacci extension, -27.2% Fibonacci retracement
The material has been provided by InstaForex Company – www.instaforex.com
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