Price has bounced off really nicely above our major support at 0.7307 (Fibonacci retracement, horizontal overlap support, Fibonacci projection) and we expect a further rise above this level towards 0.7442 (Fibonacci retracement, horizontal pullback resistance).
RSI (34) is bouncing above 35% where a previous major bounce occurred.
Stochastic (21,5,3) is seeing major support above 4.5% where we expect a significant bounce.
Buy above 0.7307. Stop loss at 0.7200. Take profit at 0.7442.
The material has been provided by InstaForex Company – www.instaforex.com
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