Price is testing our 1st support at 104.615, in line with our horizontal swing low support and 50% Fibonacci retracement. We could potentially see a bounce at this level and a further push up towards our 1st resistance level, in line with our 50% Fibonacci extension and horizontal swing high resistance. Price is also holding above the Ichimoku cloud, showing bullish momentum in line with our bullish bias.
Trading Recommendation
Entry: 104.615
Reason for Entry:
50% Fibonacci retracement and horizontal swing low support
Take Profit: 104.942
Reason for Take Profit:
50% Fibonacci extension and horizontal swing high resistance
Stop Loss: 104.371
Reason for Stop Loss:
78.6% Fibonacci retracement and horizontal pullback support
