The price is probably going to form strong support at 0.8840 (below 00% of Fibonacci retracement levels in the weekly chart) as well as at this level, a double bottom will be formed. It formed the last bearish wave for the last month, and the level of 0.8935 acts as strong resistance. Thus, it should be noted that the level of 0.8935 is strong resistance (support became resistance as well as the ratio of 100% of Fibonacci equals 0.8833). The saturation is likely to take place around 0.8840, because this level is also the first strong support on December 17. A new bottom will be set at the level of 0.8800 as a low price this day. Therefore, it is possible that the market will start showing bullish signs. The daily support is set at the level of 0.88. In other words, buy deals are recommended above 0.8800/0.8833 with the first target seen at the 0.8888 (the weekly pivot point) level and further at the 0.8925 level. The stop loss should be placed at 0.8775.
The material has been provided by InstaForex Company – www.instaforex.com
The material has been provided by InstaForex Company – www.instaforex.com
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