Overview:
The price is probably going to form a strong support at 0.9170 (above 23.6% of Fibonacci retracement levels in the H1 chart, it is formed the last bearish wave for the last week and the level of 0.9170 acts as strong support). The saturation is likely to take place around 0.9170 because this level also forms the first strong support for April 17-19, 2013. Therefore, it is possible that the market will start showing bullish signs. The daily pivot point is set at the level of 0.9266. In other words, buy deals are recommended above 0.9170 with the first target seen at the 0.9265 level and further at the 0.9340 level. Thus, it should be noted that the level of 0.9350 is a strong resistance.
Notes:
- It should be noted that the price may be trapped between: 0.9394 and 0.9097 this week.
- The value of 50% Fibonacci retracement levels is: 0.9267 (Average = (Higher + Lower) / 2).
- Range: 119 pips (Risk of 119 pips must make a profit of 178.50).
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.
