Price is holding above the ascending trendline support and Ichimoku cloud, which shows bullish pressure in line with our bullish bias. A short term rise above 1st support at 0.88743, in line with our 78.6% Fibonacci extension, 78.6% Fibonacci retracement and horizontal swing low support, towards 1st resistance at 0.89042, in line with our 50% Fibonacci extension and horizontal swing high resistance, could be expected.
Trading Recommendation
Entry: 0.88743
Reason for Entry:
78.6% Fibonacci extension, 78.6% Fibonacci retracement and horizontal swing low support
Take Profit: 0.89042
Reason for Take Profit:
50% Fibonacci extension and horizontal swing high resistance
Stop Loss: 0.88611
Reason for Stop Loss:
100% Fibonacci extension and horizontal swing low support
