Price is testing major support at 0.7567 (Fibonacci retracement, horizontal overlap support) and we expect to see a bounce above this level to at least 0.7632 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (21,5,3) is seeing strong support above our 5.8% level and we expect price to bounce up as stochastic approaches this level.
Buy above 0.7567. Stop loss at 0.7520. Take profit at 0.7632.
The material has been provided by InstaForex Company – www.instaforex.com