The price is right at channel support and a key Fibonacci projection level (as seen with the brown arrows). This signals a bullish recovery to at least the 114.75 level which is a strong graphical resistance level and Fibonacci retracement level.
Stochastics (21,5,3) is also turning up from 8% level signalling a bullish move.
Trading Recommendations:
Buy above 113.00.
Stop loss 112.20.
Take profit 114.75.
The material has been provided by InstaForex Company - www.instaforex.com