Price has just bounced from our 1st support level, in line with our horizontal swing low support, 50% and 61.8% Fibonacci retracement levels. We could potentially see a further rise up from this level towards our 1st resistance level, in line with our 61.8% Fibonacci extension and horizontal swing high resistance. Price is also holding above both the Ichimoku cloud and the ascending trendline support, which shows bullish pressure in line with our analysis.
Trading Recommendation
Entry: 1.21180
Reason for Entry:
50% and 61.8% Fibonacci retracement, horizontal swing low support
Take Profit: 1.21897
Reason for Take Profit:
61.8% Fibonacci extension and horizontal swing high resistance
Stop Loss: 1.20768
Reason for Stop Loss:
78.6% Fibonacci retracement and horizontal low support
