Prices are facing bullish pressure from ascending trendline support and horizontal swing low support in line with 78.6% Fibonacci retracement and 78.6% Fibonacci extension. Prices might push up further towards 1st resistance in line with 161.8% Fibonacci retracement and 161.8% Fibonacci extension. If prices fall through 1st support, prices might take support on 2nd support which is in line with 161.8% Fibonacci retracement and 161.8% Fibonacci extension. EMA is also below prices, showing a bearish pressure for prices.
Reason for Entry:
Ascending trendline support, horizontal swing low support, 78.6% Fibonacci retracement, 78.6% Fibonacci extension
Take Profit: 0.66316
Reason for Take Profit:
Horizontal swing high resistance, 161.8% Fibonacci retracement, 127.2% Fibonacci extension
Stop Loss: 0.65646
Reason for Stop Loss:
Horizontal swing low support, 161.8% Fibonacci retracement, 161.8% Fibonacci extension
The material has been provided by InstaForex Company – www.instaforex.com
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