Price is above 1st support at 1.27205 in line with 38.2% Fibonacci retracement and 23.6% Fibonacci extension. It could potentially bullish from 1st support at 1.2705 in line with 38.2% Fibonacci retracement and 23.6% Fibonacci extension to 1st resistance at 1.28183 in line with Horizontal swing high and 61.8% Fibonacci extension. Our bullish bias is further supported by how Price is holding above the EMA and MACD is shown to be above the 0 line. Otherwise price may continue to bearish to 2nd support at 1.26676 in line with 50% Fibonacci retracement and 38.2% Fibonacci extension.
Trading Recommendation
Entry: 1.27205
Reason for Entry:
38.2% Fibonacci retracement and 23.6% Fibonacci extension
Take Profit: 1.28183
Reason for Take Profit:
Horizontal swing high and 61.8% Fibonacci extension
Stop Loss: 1.26676
Reason for Stop Loss:
50% Fibonacci retracement and 38.2% Fibonacci extension.
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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