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Price is holding above both the moving average and ascending trendline support, showing bullish pressure in line with our bullish bias. We could potentially see further upside above our 1st support, in line with 61.8% Fibonacci retracement, 78.6% Fibonacci extension and ascending trendline support, towards our 1st resistance, in line with 78.6% Fibonacci extension, -27.2% Fibonacci retracement and horizontal swing high resistance.

Trading Recommendation

Entry: 1.55572

Reason for Entry:

61.8% Fibonacci retracement, 78.6% Fibonacci extension and ascending trendline support

Take Profit: 1.56114

Reason for Take Profit:

78.6% Fibonacci extension, -27.2% Fibonacci retracement and horizontal swing high resistance

Stop Loss: 1.55287

Reason for Stop Loss:

61.8% Fibonacci retracement, 78.6%, 127.2% Fibonacci extension and horizontal swing low support

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

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