The price is probably going to form strong support at 0.8930 (below 11% of Fibonacci retracement levels in the H4 chart). It formed the last bearish wave for the last month, and the level of 0.9170 acts as strong resistance. Thus, it should be noted that the level of 0.9170 is strong resistance (Note: support became resistance as well as the ratio of 78.6% of Fibonacci equals 0.9172). The saturation is likely to take place around 0.9040, because this level is also the first strong support on December 3, 2013. A double bottom will be set at the level of 0.8890. Therefore, it is possible that the market will start showing bullish signs. The daily support is set at the level of 0.8930. In other words, buy deals are recommended above 0.8900/0.8930 with the first target seen at the 0.9070 level and further, at the 0.9166 level. The stop loss should be placed at 0.8845.
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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