Price is in a cup pattern and has recently broken out of our ascending trendline. We see potential for a bounce from our 1st support at 153.625 in line with 50% Fibonacci retracement, 23.6% Fibonacci retracement and graphical overlap towards our 1st resistance at 154.356 in line with 50% Fibonacci retracement and graphical overlap. Alternatively, our stop loss will be placed at 2nd support at 153.332 in line with 61.8% Fibonacci retracement and graphical overlap. Technical indicators are showing bullish momentum.
Trading Recommendation
Entry: 153.625
Reason for Entry:
50% Fibonacci retracement, 23.6% Fibonacci retracement and graphical overlap
Take Profit: 154.356
Reason for Take Profit:
50% Fibonacci retracement and graphical overlap
Stop Loss: 153.332
Reason for Stop Loss:
61.8% Fibonacci retracement and graphical overlap
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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