Prices are facing bullish pressure from 1st support which is in line with horizontal swing low support, 100% Fibonacci extension and 78.6% Fibonacci retracement. If prices push up further, prices might face resistance from 1st resistance which is horizontal swing high resistance in line with 78.6% Fibonacci retracement and 100% Fibonacci extension. If prices fall through 1st support, prices might take support from horizontal swing low support, in line with 161.8% Fibonacci extension and 127.2% Fibonacci retracement. EMA is also below prices, showing a bullish pressure for prices.
Reason for Entry:
Horizontal pullback resistance, 50% Fibonacci retracement, 100% Fibonacci extension
Take Profit: 1.10474
Reason for Take Profit:
Horizontal swing high resistance, 100% Fibonacci extension, 78.6% Fibonacci retracement
Stop Loss: 1.10004
Reason for Stop Loss:
Horizontal swing low support, 161.8% Fibonacci extension, 127.2% Fibonacci retracement
The material has been provided by InstaForex Company – www.instaforex.com
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