Looking into the 4H structure here, prices have surprisingly fell aback 28.00 level. This could be best seen as a possible double bottom formation at 28.00 level, which is also defined as the 0.785 Fibonacci support for the entire upswing from sub 26.00 level to 35.00 level in 2012. Please also note that the area of 27.70/80 is also falling in line here as a support extension of the counter trend that had begun from 35.00 level earlier. Support is at 28.00, followed by 27.50 and lower; while immediate resistance is now at 29.20/30 levels. A break higher 29.20/30 would be required now to confirm a double bottom in place. Holding long positions is still favorable, at least till next trading session on Monday.
Trading recommendations:
Hold long positions, stop is at 27.00, and target is open.
Good Luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Looking into the 4H structure here, prices have surprisingly fell aback 28.00 level. This could be best seen as a possible double bottom formation at 28.00 level, which is also defined as the 0.785 Fibonacci support for the entire upswing from sub 26.00 level to 35.00 level in 2012. Please also note that the area of 27.70/80 is also falling in line here as a support extension of the counter trend that had begun from 35.00 level earlier. Support is at 28.00, followed by 27.50 and lower; while immediate resistance is now at 29.20/30 levels. A break higher 29.20/30 would be required now to confirm a double bottom in place. Holding long positions is still favorable, at least till next trading session on Monday.
Trading recommendations:
Hold long positions, stop is at 27.00, and target is open.
Good Luck!
The material has been provided by InstaForex Company – www.instaforex.com
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