Price is now testing major support at 81.79 (Fibonacci extension, horizontal support, bullish divergence) and we expect to see a bounce above this level to at least 82.89 (Fibonacci retracement, horizontal overlap resistance). Stop loss is at 81.30 because it is a Fibonacci extension level based on Elliott Wave theory.
Stochastic (34,5,3) is seeing strong support above the 3.8% level and also displays bullish divergence vs price signalling that a bullish bounce is impending.
Buy above 81.79. Stop loss at 82.89. Take profit at 81.30.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Price is now testing major support at 81.79 (Fibonacci extension, horizontal support, bullish divergence) and we expect to see a bounce above this level to at least 82.89 (Fibonacci retracement, horizontal overlap resistance). Stop loss is at 81.30 because it is a Fibonacci extension level based on Elliott Wave theory.
Stochastic (34,5,3) is seeing strong support above the 3.8% level and also displays bullish divergence vs price signalling that a bullish bounce is impending.
Buy above 81.79. Stop loss at 82.89. Take profit at 81.30.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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