According to the previous events, the price has still been trapped between 1.0185 (78% of Fibonacci retracement levels) and 0.9987 (50% of Fibonacci retracement levels).
The support sets at the level of 0.9900, therefore the bulls are going to buy above 0.9900 with a first target of 1.0100, it might resume to 1.0185.
Double top on the price 1.0314 and it should be noted that the resistance sets at the level of 1.0227, thus swing trade at 1.0250 in order to sell with a target of 1.0030.
Trend will call for a bearish market on the level of 1.0227, there are a bearish channel.
Stop Loss should never exceed your maximum exposure amounts. Hence set a stop loss above 1.0325.
However, risk to reward ratios are important and should be calculated. A risk reward ratio of 1:1.5 is recommended. Risk: 70 pips must make a profit of 105 pips.
The material has been provided by InstaForex Company – www.instaforex.com
Trend will call for a bearish market on the level of 1.0227, there are a bearish channel.
Stop Loss should never exceed your maximum exposure amounts. Hence set a stop loss above 1.0325.
The material has been provided by InstaForex Company – www.instaforex.com
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