Price, which has been respecting the trend line multiple times, suggests that the pair will continue to be bullish with higher highs and higher lows. We can expect a continuation of bullish momentum with price to bounce back at the 1st support level in line with 50% Fibonacci retracement towards the 1st resistance in line with 127.2% Fibonacci level. Our bullish bias is further supported by the ichimoku indicator where price is moving above the bullish cloud.
Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Trading Recommendation
Entry:0.92912
Reason for Entry:
50% Fibonacci Retracement and graphical support
Take Profit: 0.93670
Reason for Take Profit:
127.2% Fibonacci Retracement and graphical resistance
Stop Loss:0.92734
Reason for Stop Loss:
161.8% Fibonacci Retracement and graphical resistance
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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