Price broke out of the descending trendline resistance, signifying a bullish momentum. We can expect the price to bounce from 1st support in line with graphical overlap and push towards the 1st resistance in line with 61.8% Fibonacci Projection and overlap resistance. Our bullish bias is further supported by price holding above the Ichimoku cloud and stochastic indicator where the %K line bounced off the support level.
Trading Recommendation
Entry: 0.715451
Reason for Entry:
Graphical Overlap
Take Profit: 0.72134
Reason for Take Profit:
61.8% Fibonacci projection
Stop Loss: 0.70955
Reason for Stop Loss:
38.2% FIbonacci retracement
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
Posts
Posts
No comments:
Post a Comment