Price has shown a bullish breakout from the descending trendline resistance-turned-support, and is also holding above the moving average as well. We could see a further rise from 1st support at 0.69519 in line with 50% Fibonacci retracement and horizontal overlap support, towards 1st resistance at 0.70270 in line with 78.6% Fibonacci retracement and 127.2% Fibonacci extension . Our bullish bias is further supported by how Price is holding above the Ichimoku cloud and RSI is being held up by a corresponding ascending trendline support. Otherwise Price may bearish towards 2nd support at 0.69213 in line with 50% Fibonacci retracement and 38.2% Fibonacci extension.
Trading Recommendation
Entry: 0.69519
Reason for Entry:
50% Fibonacci retracement and horizontal overlap support
Take Profit: 0.70270
Reason for Take Profit:
78.6% Fibonacci retracement and 127.2% Fibonacci extension
Stop Loss: 0.69213
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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