Price is facing bullish pressure as it is bouncing from the resistance-turned-support level, in line with our bullish bias. A bounce from our pivot at 104.43 towards 1st resistance at 104.94 could be possible. Failing to edge above the pivot would see price swing towards 1st support where the 50% Fibonacci retracement is.
Trading Recommendation
Entry: 104.38
Reason for Entry:
61.8% fib extension and horizontal pullback support
Take Profit: 104.94
Reason for Take Profit:
88% fib extension
Stop Loss: 103.90
Reason for Stop Loss:
50% fib extension, horizontal pullback support
