Price is currently reacting in a triangle and a bullish pennant pattern. We can expect price to bounce from 1st support in line with 88% Fibonacci retracement and 78.6% Fibonacci projection towards the 1st Resistance level in line with 61.8% Fibonacci projection. Our short-term bullish bias is further supported by RSI approaching the support level.
Trading Recommendation
Entry: 113.551
Reason for Entry:
88% Fibonacci retracement and 78.6% Fibonacci projection
Take Profit: 114.024
Reason for Take Profit:
61.8% Fibonacci projection
Stop Loss: 113.412
Reason for Stop Loss:
100% Fibonacci projection
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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