Price has risen perfectly to our profit target before retracing back down. It is now on a good entry level and good support and we look to buy above 111.94 (Fibonacci retracement, horizontal overlap support) for a push up to 113.06 resistance (Fibonacci retracement, Fibonacci extension, horizontal pullback resistance).
RSI (34) remains above its support at 52% and we remain bullish on price as long as it holds above this level.
Buy above 111.94. Stop loss at 111.40. Take profit at 113.06.
The material has been provided by InstaForex Company – www.instaforex.com