Price broke out of descending trendline resistance (now support) and tested key fibonacci retracement level and swing high. A short term pullback below 1st resistance at 1.26475 towards 1st support at 1.25387 could be likely.
Trading Recommendation
Entry: 1.26475
Reason for Entry:
61.8% Fibonacci retracement, key swing high resistance
Take Profit: 1.25387
Reason for Take Profit:
61.8% Fibonacci retracement, Descending trendline support
Stop Loss: 1.26719
Reason for Stop Loss:
78.6% Fibonacci retracementThe material has been provided by InstaForex Company - www.instaforex.com
http://dlvr.it/RtXNTw
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