We can see that price is abiding by the descending trendline resistance, however, price broke through a intermediate descending trendline resistance and hence, we can expect price to make a small bullish push up. We can expect price to push up from 1st Support in line with 61.8% Fibonacci projection towards the 1st Resistance in line with 38.2% Fibonacci Retracement and 61.8% Fibonacci projection. Our short-term bullish bias is further supported by the RSI indicator where it is abiding to a ascending trendline.
Trading Recommendation
Entry: 1.15253
Reason for Entry:
61.8% Fibonacci Projection
Take Profit: 1.16850
Reason for Take Profit:
61.8% Fibonacci projection and 38.2% Fibonacci Retracement
Stop Loss: 1.14947
Reason for Stop Loss:
Graphical overlap support, 100% Fibonacci projection
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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