Price has just bounced from our 1st support at 80.048, in line with our 38.2% Fibonacci retracement and 100% Fibonacci extension, where we could see a further rise above this level towards our 1st resistance at 80.369, in line with our horizontal swing high resistance. It is worth noting that price continues to hold above the Ichimoku cloud, showing bullish pressure in line with our bullish bias.
Trading Recommendation
Entry: 80.048
Reason for Entry:
Horizontal swing low support, 38.2% Fibonacci retracement and 100% Fibonacci extension
Take Profit: 80.369
Reason for Take Profit:
Horizontal swing high resistance
Stop Loss: 79.848
Reason for Stop Loss:
161.8%, 61.8% Fibonacci extension and 61.8% Fibonacci retracement
