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Price currently forming a triangle pattern, with price reacting above ascending trendline support. A bounce up above our 1st support at 1.08377 towards 1st resistance at 1.08553 could be possible. RSI testing support where price bounced in the past as well.

Trading Recommendation

Entry: 1.08377

Reason for Entry:

61.8% Fibonacci extension, ascending trendline support

Take Profit: 1.08553

Reason for Take Profit:

78.6% Fibonacci retracement, descending trendline resistance

Stop Loss: 1.08301

Reason for Stop Loss:

Graphical swing low

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

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