Price is abiding to an ascending trendline, signifying a bullish momentum. We can expect price to bounce up from the 1st Support in line with 38.2% Fibonacci retracement and ascending trendline support , towards the 1st Resistance in line with 50% Fibonacci retracement and overlap resistance. Our bullish bias is further supported by the price holding above the Ichimoku cloud and RSI indicator abiding to the ascending trendline support.
Trading Recommendation
Entry: 0.68197
Reason for Entry:
38.2% Fibonacci retracement and ascending trendline support
Take Profit: 0.68919
Reason for Take Profit:
50% Fibonacci retracement and overlap resistance
Stop Loss: 0.67958
Reason for Stop Loss:
50% Fibonacci retracement and graphical overlap
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
Posts
Posts
No comments:
Post a Comment