Price is approaching 1st support, which is in line with our 78.6% Fibonacci retracement, 78.6% Fibonacci extension, horizontal swing low support and ascending trendline support. We could potentially see a bounce at this level and further rise up towards 1st resistance, which is in line with 61.8% Fibonacci retracement, 61.8%,161.8% Fibonacci extension and horizontal overlap resistance. Stochastics has also just bounced from the 11.71 level where it has reacted from before.
Reason for Entry:
78.6% Fibonacci retracement, 78.6% Fibonacci extension, horizontal swing low support and ascending trendline support
Take Profit: 1.55670
Reason for Take Profit:
61.8% Fibonacci retracement, 61.8%,161.8% Fibonacci extension and horizontal overlap resistance
Stop Loss: 1.54298
Reason for Stop Loss:
78.6%, 161.8% Fibonacci extension and horizontal swing low support
The material has been provided by InstaForex Company – www.instaforex.com
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