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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.

Trading Recommendation

Entry: 0.70752

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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