Price has recently broken out of our bullish trendline and is at a Pivot. We see potential for a trend reversal from our 1st support at 83.502 in line with 38.2% Fibonacci retracement, 161.8% Fibonacci extension and graphical overlap towards our 1st resistance at 84.564 in line with 100% Fibonacci extension and 50% Fibonacci retracement. Alternatively, our stop loss will be placed at 2nd support at 82.989 in line with bullish trendline and graphical overlap. Technical indicators are showing bullish momentum.
Trading Recommendation
Entry: 83.502
Reason for Entry:
38.2% Fibonacci retracement, 161.8% Fibonacci extension and graphical overlap
Take Profit: 84.564
Reason for Take Profit:
100% Fibonacci extension and 50% Fibonacci retracement
Stop Loss: 82.989
Reason for Stop Loss:
Bullish trendline and graphical overlap
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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