Price is holding above the descending trendline resistance turn support, showing a strong bullish momentum. Price is approaching the trendline support to retest and we can expect price to bounce up from 1st Support in line 127.2% Fibonacci Projection and previous swing low, towards the 1st Resistance in line with 127.2% Fibonacci retracement and 78.6% Fibonacci projection. Our bullish bias is further supported by the Stochastic indicator where the %K line is abiding to a ascending trendline.
Trading Recommendation
Entry: 0.91127
Reason for Entry:
127.2% Fibonacci Projection
Take Profit: 0.93793
Reason for Take Profit:
127.2% Fibonacci Retracement and 78.6% Fibonacci Projection
Stop Loss: 0.90243
Reason for Stop Loss:
161.8% Fibonacci Projection and 127.2% Fibonacci Retracement
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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