Price currently forming a triangle pattern, with price reacting above ascending trendline support. A bounce up above our 1st support at 1.08377 towards 1st resistance at 1.08553 could be possible. RSI testing support where price bounced in the past as well.
Trading Recommendation
Entry: 1.08377
Reason for Entry:
61.8% Fibonacci extension, ascending trendline support
Take Profit: 1.08553
Reason for Take Profit:
78.6% Fibonacci retracement, descending trendline resistance
Stop Loss: 1.08301
Reason for Stop Loss:
Graphical swing low
The material has been provided by InstaForex Company - www.instaforex.com