Price recounded perfectly as expected on Friday. We are almost at our profit target. We look to sell once price reaches our 0.9650 resistance level (graphical overlap resistance, Fibonacci retracement) for a drop to 0.9530.
Stochastics (21,5,3) is also seeing strong resistance at 92%, which we expect it to react from.
Our strategy would be to take 50% profits now and move stop loss to breakeven. Once price reached 0.9650, take the rest of your profit and turn bearish.
Sell below 0.9650. Stop loss is at 0.9730. Take profit is at 0.9530.
The material has been provided by InstaForex Company - www.instaforex.com