Prices are facing bullish pressure from ascending trendline support and horizontal swing low support in line with 161.8% Fibonacci retracement and 100% Fibonacci extension. Prices might push up towards 1st resistance in line with horizontal swing high resistance, 61.8% Fibonacci retracement and 161.8% Fibonacci extension. If prices push down further, prices might take support from 2nd support in line with horizontal swing low support in line with 127.2% Fibonacci extension. Stochastics is also facing bullish pressure from 8.43 support level, potential for bounce.
Reason for Entry:
Ascending trendline support, horizontal swing low support, 161.8% Fibonacci retracement, 100% Fibonacci extension
Take Profit: 0.71021
Reason for Take Profit:
Horizontal swing high resistance, 61.8% Fibonacci retracement, 161.8% FIbonacci extension
Stop Loss: 0.70638
Reason for Stop Loss:
Horizontal swing low support, 127.2% Fibonacci extension
The material has been provided by InstaForex Company – www.instaforex.com
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