Daily pivot point: 1.0257.
The value of 50% Fibonacci retracement levels is: Average = (Higher - Lower) / 2
Average = 1.0257
If the trend is not able to break and close above the level of 1.0257, then it will be a downside momentum, which is rather convincing and the structure of the fall does not look corrective, for that the market will indicate a bearish opportunity at 1.0257. Hence it will be a good sign to sell at this level in order to continue downward towards 1.0200 on H1.
Trading recommendations:
According to previous events, the price has still been trapped between 1.0220 and 1.0285.
- Buy above 1.0200 (a strong support has set since this week) with targets at 1.0255 and then 1.0305.
- Below 1.0317 (a strong resistance has set since last month) look for further downside with a target of 1.0200.
Strong levels:
1.02971, 1.02841, 1.0264
1.02171, 1.02301, 1.0250
Observations:
Key level is at 1.0257.
Range: 40 pips
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.
