Price is holding above the ascending trendline support, signifying a bullish momentum. We can expect the price to push up from the pivot level in line with 23.6% Fibonacci retracement towards the take profit level in line with 61.8% Fibonacci projection and 61.8% Fibonacci retracement. Our bullish bias is further supported by the stochastic indicator where the %K line bounced at the support level.
Trading Recommendation
Entry: 0.92572
Reason for Entry:
23.6% Fibonacci Retracement
Take Profit: 0.93326
Reason for Take Profit:
61.8% Fibonacci Retracement and 61.8% Fibonacci projection
Stop Loss: 0.92329
Reason for Stop Loss:
127.2% Fibonacci projection
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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