Prices are consolidating sideways. We see potential for a bounce from our 1st support at 122.428 which is a graphical swing low and in line with 100% and 100% Fibonacci extension towards our 1st resistance at 123.234 in line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension. Breaking the 1st resistance will find prices climbing further towards our 2nd resistance at 123.541 in line with 78.6% Fibonacci extension. Technical indicators are also showing bullish momentum. Alternatively, our stop loss will be placed at 2nd resistance at 122.119 in line with 127.2% Fibonacci extension.
Trading Recommendation
Entry: 122.428
Reason for Entry:
Graphical swing low, in line with 100% and 100% Fibonacci extension
Take Profit: 123.234
Reason for Take Profit:
61.8% Fibonacci retracement and 61.8% Fibonacci extension
Stop Loss: 122.119
Reason for Stop Loss:
127.2% Fibonacci extension
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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