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.