Daily analysis of major pairs for January 12, 2017

EUR/USD: The EUR/USD pair has gone significantly upwards, according to the forecast. From the low of 1.0453, price has gone upwards by 210 pips. There is now a Bullish Confirmation Pattern in the market and further upwards movement is anticipated, which may enable price to reach the resistance lines at 1.0700 and 1.0750.

1484226409_1.png

USD/CHF: This market has gone downwards as a result of the weakness in the USD. There is another fact that EUR/USD is going upwards, and therefore, the USD/CHF must go downwards versus it. There is already a "sell" signal in the market, as price has dropped from the weekly high of 1.0247. It is important to know that price was still recently above the psychological level at 1.0000; and once it is breached to the downside. The bias would turn completely bearish.

2.png

GBP/USD: The Cable has also started making some bullish effort. Further movement of about 200 pips to the upside would result in a Bullish Confirmation Pattern on the 4-hour chart. Some more fundamental figures are expected today, and they would have impact on the markets.

3.png

USD/JPY: The USD/JPY pair has gone according to yesterday's forecast. The bearish movement started gradually at the beginning of this week, and it has really become serious. The EMA 11 is below the EMA 56, and the RSI period 14 has gone below the level 50. Price has already gone downwards by 300 pips, reaching the forecasted demand levels (now supply levels). The market may continue going further and further downwards.

4.png

EUR/JPY: This cross has also started a directional movement. There is yet to know how long the directional movement would last, but the bias on the market has turned bearish. Price could reach the demand zones at 121.00, 120.50, and 120.00 within the next several days, especially as price moves further south.

5.png

The material has been provided by InstaForex Company - www.instaforex.com

NZD/USD intraday technical levels and trading recommendations for January 12, 2017

analytics5877684cd9205.png

On November 8, significant signs of a bearish reversal were expressed around the upper limit of the depicted consolidation range (0.7350).

A bearish breakdown of 0.7250 (the lower limit of the depicted range) enhanced the bearish side of the market toward the price level of 0.7100 (recent bottom of October 28) which was broken as well.

Bearish persistence below 0.7100 allowed a quick decline toward 0.6960 (BUY zone) where bullish rejection and a valid BUY entry were expected. All T/P levels were successfully achieved.

Once again, bearish persistence below the price level of 0.7100 enabled the NZD/USD pair to pursue toward lower target levels around 0.6990 (the upper limit of the depicted BUY zone).

The price level of 0.6990 failed to apply enough bullish pressure. Instead of that, bearish movement continued toward the lower limit of the depicted BUY zone (0.6860) which provided significant bullish rejection on December 23.

The NZD/USD pair was trapped within the depicted price range (0.6860-0.6990) until a bullish breakout occurred.

A bullish breakout above 0.6960 will allow the pair to head towards the price level of 0.7100 (Sell Entry 2) where a valid sell entry can be taken. S/L should be set at daily closure above 0.7150.

The material has been provided by InstaForex Company - www.instaforex.com

USD/CAD intraday technical levels and trading recommendations for January 12, 2017

analytics5877626ea6643.pnganalytics5877628008d12.png

On August 18, signs of bullish recovery were manifested around the price level of 1.2830 which led to the current bullish breakout above 1.3000.

The USD/CAD pair was trapped between the price levels of 1.3000 (61.8% Fibonacci level) and 1.3360 (50% Fibonacci level) until a bullish breakout took place one month ago.

Note that the USD/CAD pair challenged the upper limit of the depicted channel around 1.3360-1.3400 which succeeded to apply enough bearish pressure on the pair.

Shortly after, a bearish engulfing weekly candlestick was expressed by the end of the week indicating strong resistance around 1.3550.

Bearish persistence below the price level of 1.3300 (50% Fibonacci Level) was achieved.

This allowed a further decline toward 1.3200 and 1.3080 (the lower limit of the depicted channel) where bullish rejection was expressed as anticipated.

A bullish breakout above 1.3360 (50% Fibonacci level) was expected to allow further advence toward 1.3700-1.3750 (the upper limit of the depicted channel). However, significant bearish rejection was expressed around 1.3580 (recent established top).

The price level of 1.3300 (50% Fibonacci Level) failed to provide enough support for the recent pullback. That's why, further decline towards 1.3000 (61.8% Fibonacci level) should be watched for a possible BUY entry.

The material has been provided by InstaForex Company - www.instaforex.com

Gold analysis for January 12, 2017

analytics5877633aedac3.png

Recently, gold has been trading upwards. The price tested the level of $1,206.74 in an average volume. According to the 30M time frame, I found divergence in the Moving Average Oscilator. The price made a higher high and the oscilator made a lower high. My advice is to watch for potential selling opportunities. Anyway, the good selling opportunity will be only if the price breaks the upward trendline. Downward target is set at the price of $1,187.90 (point of control.) The intraday trend is still bullish. As long the price is trading above the upward trendline, watch for buying opportuniites. Targets are set at the price of $1,210.00 (Fibonacci expansion 100%) and $1,233.00 (Fibonacci expansion 161.8%).

Resistance levels:

R1: 1,177.55

R2: 1,202.40

R3: 1,210.00

Support levels:

S1: 1,181.90

S2: 1,177.00

S3: 1,169.25

Trading recommendations for today: Divergence on oscilator in creation. Watch for a potential breakout of the upward trendline for selling opportunity.

The material has been provided by InstaForex Company - www.instaforex.com

Global macro overview for 12/01/2017

Global macro overview for 12/01/2017:

The fresh report from the US credit agency Moody's has been published recently and there is an interesting review of current and a future political scene in the Eurozone. The Moody's agency sees the political risk to rise as Germany and France are about to hold the elections. Regarding the economic outlook, Moody's sees stable credit outlook for Eurozone sovereigns in 2017 and stable, but subdued GDP growth in the EU by 1.3% in 2017 and 2018. Nevertheless, the economic growth dynamics in 2017/18 will be broadly seen neutral and the growth rates will vary from country to country. And last, but not least, Moody's view on the likelihood of further capital outflow from the Eurozone is very low. In conclusion, Moody's presented a rather optimistic and stable review of the Eurozone with the exception of political tensions before the elections. It seems not much to worry about but no reason to get excited either.

Let's now taka a look at the EUR/USD technical picture in the 4H time frame. After a recent low at the level of 1.3040, the market bounced higher and now is trading just below the technical resistance at the level of 1.0669. Nevertheless, it is still hard to say what side of the market, bulls, or bears, is currently in control as the price keeps trading in the well-defined trading range. Only a sustained breakout above the level of 1.0669 would temporarily move the control to the bullish camp and the next important technical resistance at the level of 1.0875 would have been be tested.

analytics587762f89f3e9.jpg

The material has been provided by InstaForex Company - www.instaforex.com

Intraday technical levels and trading recommendations for GBP/USD for January 12, 2017

analytics58775ff431ed8.png

analytics58775fe4221a8.png

The price zone between 1.3845 and 1.3550 (historical bottoms set in January 2009) was considered a significant demand zone to be watched for bullish recovery.

However, by the end of June a significant bearish break below 1.3550 was expressed as seen on the depicted charts (fundamental reasons). Bearish persistence below the demand level at 1.3550 enhanced the bearish scenario toward the price levels around 1.2700 (Bearish projection target).

Since then, the GBP/USD pair has been trapped inside the depicted consolidation range above 1.2700 until a bearish breakout took place on October 6.

Daily persistence below 1.2700 confirmed the bearish Flag pattern. That is why, a bearish projection target would be located around 1.2020.

Recently, bullish recovery was manifested around 1.2080. That is why, a bullish pullback was executed toward 1.2700-1.2750.

Risky traders considered the recent bullish pullback toward the price zone of 1.2700-1.2750 to be a valid SELL entry. S/L should be lowered to 1.2500 to secure some profits. T/P level should be located at 1.2100.

This SELL entry should be monitored cautiously as the ascending bottoms around the price levels of 1.2120 and 1.2320 may generate significant bullish pressure thus threatening the suggested trade.

On the other hand, bullish price action was expressed around the price levels of (1.2150-1.2100) where previous bottoms were established. Hence, bullish pullback should be expected towards 1.2700-1.2750.

The material has been provided by InstaForex Company - www.instaforex.com

Global macro overview for 12/01/2017

Global macro overview for 12/01/2017:

Donald Trump's first press conference was quite disappointing after the U.S. President-elect failed to make any comments on the new administration's plans for the economic stimulus, trade, and tax. Although speaking on a number of issues, Trump failed to specifically talk about the economy. Nevertheless, he mentioned, that he would make Mexico pay for the border wall and also warned that companies that were thinking of moving jobs out of the US would have to pay a new "border tax." No reassurance regarding the fiscal spending plan was mentioned as well. In conclusion, yesterday's press conference from Mr. Trump was different than his election campaign speeches, which were more pro-growth focused, but the overall impression was rather solid.

Let's now take a look at the US Dollar Index technical picture after Mr. Trump's first speech. The index is still trading above the technical support at the level of 100.53 after yesterday's decline.There is still no evidence of any trend reversal and if the bargain hunters come to this market to buy the dips, we can see new highs pretty soon.

analytics58775e7be75d6.jpg

The material has been provided by InstaForex Company - www.instaforex.com

Intraday technical levels and trading recommendations for EUR/USD for January 12, 2017

analytics58775b5b8c991.png

In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100 where historical bottoms were previously set in July 2012 and June 2010.

Hence, a long-term bearish target was projected toward 0.9450.

In March 2015, EUR/USD bears challenged the monthly demand level around 1.0570, which had been previously reached in August 1997.

Later in April 2015, a strong bullish recovery was observed around the mentioned demand level.

However, next monthly candlesticks (September, October, and November) reflected a strong bearish rejection around the area of 1.1400-1.1500.

Again in February 2016, the depicted price levels around 1.1400-1.1500 acted as a significant supply zone during the bullish pullback.

That is why, recent bearish rejection was expected around the depicted supply levels (note the monthly candlesticks of May, August, and October 2016).

In the longer term, the level of 0.9450 remains a projected target if the current monthly candlestick maintains its bearish closure below the depicted monthly demand level of 1.0570.

analytics58775b70414c0.png

The long-term outlook for the EUR/USD pair remains bearish as the monthly chart illustrates. Bearish persistence below 1.0575 is needed to pursue this bearish scenario.

In September 2016, temporary bullish breakout above 1.1250 was expressed again, but evident bearish pressure was applied on the EUR/USD pair on September 16.

Closure below 1.1250 (supply level 1) maintained enough bearish pressure and enhanced the downside momentum toward the price level of 1.1000 (key level 1).

Bearish persistence below 1.0825 allowed a further fall to occur at 1.0570 (demand level) where bullish rejection and a valid BUY entry were expressed on November 24.

The price level of 1.0825 (Fibonacci Expansion 100%) constituted a recent supply level which offered a valid SELL entry on December 8.

Bearish persistence below the depicted demand level around 1.0570 allows a further decline. The first bearish target would be located around 1.0220.

Note that the price level of 1.0600 constitutes a recent supply level to be watched for a SELL entry during the current bullish pullback above 1.0500.

On the other hand, bullish breakout above 1.0600 allows further bullish advance towards 1.0825 (Fibonacci Expansion 100%) where bearish rejection should be anticipated.

The material has been provided by InstaForex Company - www.instaforex.com

EUR/NZD analysis for January 12, 2017

analytics58775b5356f4e.png

Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.4911 in a high volume. My first downward target at the price of 1.4905 (Fibonacci expansion 100%) almost got reached. If the price breaks the level of 1.4905 in a high volume, we may see potential testing of 1.4735 (Fibonacci expansion 161.8%). Watch for selling opportunities.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5100

R2: 1.5145

R3: 1.5210

Support levels:

S1: 1.4965

S2: 1.4930

S3: 1.4860

Trading recommendations for today: Watch for selling opportunities with the first target at 1.4735.

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CHF for January 12, 2017

USDCHFH4.png

Overview:

  • The USD/CHF pair continues to move downwards from the level of 1.0249. The pair dropped from the level of 1.0249 (this level of 0.9965 coincides with the double top) to the bottom around 1.0075. Today, the first resistance level is seen at 1.0173 followed by 1.0249, while daily support 1 is found at 1.0040. Besides, the level of 1.0040 represents a weekly pivot point for that it is acting as major support this week. Amid the previous events, the USD/CHF pair is still in a downtrend, because it is trading in a bearish trend from the new resistance line of 1.0173 towards the first support level at 1.0040 in order to test it. If the pair succeeds to pass through the level of 1.0040, the market will indicate a bearish opportunity below the level of 1.0040. Sell orders are recommended below the area of 1.0040 with the first target at the level of 1.0000; and continue towards 0.9946. However, if a breakout happens at the resistance level of 1.0249, then this scenario may be invalidated.
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of NZD/USD for January 12, 2017

NZDUSDH4.png

Overview:

  • The NZD/USD pair continues to move upwards from the level of 0.7049. Yesterday, the pair rose from the level of 0.7049 to a top around 0.7130. Today, the first resistance level is seen at 0.7157 followed by 0.7194, while daily support 1 is seen at 0.7094 (61.8% Fibonacci retracement). According to the previous events, the NZD/USD pair is still moving between the levels of 0.7094 and 0.7194; so we expect a range of 100 pips. Furthermore, if the trend is able to break out through the first resistance level at 0.7157, we should see the pair climbing towards the second resistance of 0.7094. Therefore, buy above the level of 0.7094 with the first target at 0.7157 in order to test the daily resistance 1 and further to 0.7094. Besides, it might be noted that the level of 0.7238 is a good place to take profit because it will form a double top. On the other hand, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.7094, a further decline to 0.7049 can occur which would indicate a bearish market.
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CAD for January 12, 2017

General overview for 12/01/2017:

The blue impulsive count of 1/(a) had been invalidated when the level of 1.3080 was violated. Currently, the next best fit of the Elliott wave progression would indicate, that the top for the wave C (blue) of the wave Y (brown) would have terminated at the level of 1.3600. This level would be the top for the larger time frame wave B (purple), as per daily time frame chart. All of this suggest more decline towards the lows of the wave A (purple) around the level of 1.2460 and an eventual breakout lower. Nevertheless, please notice, this recent leg down might be still just a part of some larger corrective cycle.

Support/Resistance:

1.3600 - Wave B Top

1.3230 - Dashed Purple Channel Support

1.3080 - Technical Support

Trading recommendations:

Day traders and swing traders should refrain from trading as the market is evolving into more complex corrective cycle, which is full of whipsaws and false breakouts. Please wait for the next trading setup to occur shortly.

analytics58774f89b77f0.jpg

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of EUR/JPY for January 12, 2017

General overview for 12/01/2017:

The triangle pattern in the blue wave (4) has been invalidated as the market is now evolving into more complex correction. The current corrective structure looks more like a double three pattern and the market is in the last stages of this cycle. The projected target for the green wave c of this correction is at the level of 120.88 (technical support). The alternative count suggests the top for the purple wave 3 is in place already at the level of 124.08, so the current correction is just like the purple wave 4, but one degree higher. Anyway, regardless of the wave degree, there is still on more wave to the upside missing.

Support/Resistance:

124.08 - Swing High

121.97 - Intraday Resistance

120.88 - Intraday Support

Trading recommendations:

Day traders and swing traders should refrain from trading as the market is evolving into more complex corrective cycle which is full of whipsaws and false breakouts. Please wait for the next trading setup to occur shortly.

analytics58774c4fda926.jpg

The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of Gold for January 12, 2016

GOLDH4.png

Overview

Gold price traded firmly higher yesterday. Now the metal is expected to go on its climb from $1,200.00 to keep the bullish scenario valid on the intraday and short-term basis. The way is open to test $1,211.30 that represents the next main target. We remind you that breaching the targeted level will extend gold price gains to reach $1,249.94 on the short-term basis. The bullish trend will remain active unless breaking $1,172.68 followed by $1,168.00 levels and holding below them. The expected trading range for today is between $1,189.00 support and $1,211.31 resistance.

The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of Silver for January 12, 2017

SILVERH4.png

Overview

Silver price retested the 16.56 level and bounced bullishly from there, to resume its bullish track inside the minor bullish channel which is displayed on the chart. We are waiting a further rise of the metal to visit 17.43 as a next main station. Therefore, the bullish trend will remain strong supported by the EMA50. Let me remind you that breaking the 16.56 level will stop the suggested rise and push the price down to 16.20. So the metal might decline to 15.49 before any new attempt to rise. The expected trading range for today is between 16.60 support and 17.15 resistance.

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USDX for January 12, 2017

The Dollar index bounced towards resistance of 102.50 as expected after breaking the downward sloping resistance trend line at 102.10 and then got rejected according to our analysis expectations. The Dollar index is now making lower lows confirming a downtrend.

analytics587739914e089.png

Black lines - price projection

The Dollar index has broken below support at 101.30 and is making new lows. The trend remains bearish. The Dollar index has 100.40 as the first target of the decline. Important resistance is at yesterday's highs. A break above yesterday's highs will increase the chances of new highs above 104 a lot.

analytics587739d99fe98.png

On a daily basis price has broken below the kijun-sen (yellow line indicator) and is heading towards the Ichimoku cloud support at 100. An important high is confirmed and Dollar bulls should be very cautious as the highs at 103.70 could be long-term highs. The

key for this scenario is yesterday's high. As long as we are below it, the trend will remain bearish.

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of gold for January 12, 2017

Gold price is making new highs at $1,200 as we have been expecting for some time now. Gold price could continue higher towards $1,220 but Gold bulls need to be very cautious as there are bearish short-term divergence signs. A pullback is justified towards $1,170-60.

analytics5877383b06492.png

Red lines-bullish channel

Blue line- new highs

Black line - diverging RSI

Gold price continues to trade above the Ichimoku cloud and inside the red bullish channel. There are divergence signs in the 4-hour RSI and this is an important warning for the short-term momentum. We could see $1,210-20 but Gold bulls should be prepared for a pullback towards at least $1,170 where the 38% Fibonacci retracement is found.

analytics587738a8c71ed.png

On a daily basis Gold price is approaching the 38% Fibonacci retracement resistance of the latest decline and the Ichimoku cloud resistance. A rejection here is possible and bulls need to be very cautious. Overall a pullback is needed but that pullback will need to make a higher low and not break below $1,122.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/JPY for January 11, 2017

USDJPYM30.png

USD/JPY is expected to trade in lower range as the key resistance is at 115.65. The pair accelerated on the downside last night after the break below its intraday rising trend line. Even though a technical rebound cannot be ruled out at the current stage, its extent should be limited. Besides, the falling 20-period moving average acts as a strong resistance.

Hence, as long as 115.65 is not clearly surpassed, look for a return to 114.20 and 114.00 in extension.

Recommendation:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 114.20. A break below this target will move the pair further downwards to 114.00. The pivot point stands at 115.65. If the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 116.00 and the second one at 116.35.

Resistance levels: 116.00, 116.35, 116.75

Support levels: 114.20, 114.00, 113.70

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of GBP/JPY for January 12, 2017

GBPJPYM30.png

GBP/JPY is under pressure as the key resistance is at 14.00. The pair remains capped by the 50-period moving average, and stays below its key resistance at 122.30. Meanwhile, the relative strength index is around its 50% neutrality area, and is turning down. As long as 141.00 holds as the key resistance, a break below 139.15 is possible.

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 139.15. A break below this target will move the pair further downwards to 138.40. The pivot point stands at 141.01. If the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 141.50 and the second one at 142.00.

Resistance levels: 141.50, 142.00, 142.40

Support levels: 139.15, 138.40, 138

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of EUR/USD for Jan 12, 2017

1484192234_EURUSD.jpg

When the European market opens, some Economic Data will be released, such as Industrial Production m/m and Italian Industrial Production m/m. The US will release the economic data, too, such as 30-y Bond Auction, Natural Gas Storage, Import Prices m/m, and Unemployment Claims, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0632.

Strong Resistance:1.0626.

Original Resistance: 1.0615.

Inner Sell Area: 1.0604.

Target Inner Area: 1.0579.

Inner Buy Area: 1.0554.

Original Support: 1.0543.

Strong Support: 1.0532.

Breakout SELL Level: 1.0526.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/JPY for Jan 12, 2017

1484191964_USDJPY.jpg

In Asia, Japan will release the Economy Watchers Sentiment, Current AccountBank Lending y/y, and the US will release some Economic Data, such as 30-y Bond Auction, Natural Gas Storage, Import Prices m/m, and Unemployment Claims. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 115.44.

Resistance. 2: 115.21.

Resistance. 1: 114.99.

Support. 1: 114.71.

Support. 2: 114.49.

Support. 3: 114.26.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of USDX for January 12, 2017

The index plummeted after Donald Trump's first press conference as US president, testing the support zone of 101.39. Currently, USDX is consolidated below the 200 SMA at H1 chart and if we see a breakout below the 101.39 level, then it can reach the 100.00 level on a mid-term basis. However, if that demand zone holds across the board, then the index could rally to re-test the 102.29 level.

USDXH1.png

H1 chart's resistance levels: 102.29 / 102.81

H1 chart's support levels: 101.96 / 101.39

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 101.96, take profit is at 101.39 and stop loss is at 102.54.

The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of GBP/USD for January 12, 2017

Donald Trump's press conference brought volatility to the financial markets, as the US dollar weakened across the board against the Sterling, which is now testing the resistance zone of 1.2247, around the 200 SMA zone at H1 chart. If the pair manages to break above that area, it could rally toward 1.2293, while a pullback can take GBP/USD to test the 1.2123 level.

GBPUSDH1.png

H1 chart's resistance levels: 1.2247 / 1.2293

H1 chart's support levels: 1.2175 / 1.2123

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2175, take profit is at 1.2123 and stop loss is at 1.2228.

The material has been provided by InstaForex Company - www.instaforex.com