Price is holding above the descending trendline resistance turn support, showing a strong bullish momentum. Price is approaching the trendline support to retest and we can expect price to bounce up from 1st Support in line 127.2% Fibonacci Projection and previous swing low, towards the 1st Resistance in line with 127.2% Fibonacci retracement and 78.6% Fibonacci projection. Our bullish bias is further supported by the Stochastic indicator where the %K line is abiding to a ascending trendline.
Reason for Entry:
127.2% Fibonacci Projection
Take Profit: 0.93793
Reason for Take Profit:
127.2% Fibonacci Retracement and 78.6% Fibonacci Projection
Stop Loss: 0.90243
Reason for Stop Loss:
161.8% Fibonacci Projection and 127.2% Fibonacci Retracement
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.