Price is facing bullish pressure as it continues to hold above both the ascending trendline support and Ichimoku cloud, in line with our bullish bias. We could potentially see a bounce and a further rise above the ascending trendline support towards our 1st resistance at 1.08462, in line with our horizontal swing high resistance and 61.8% Fibonacci extension.
Trading Recommendation
Entry: 1.08234
Reason for Entry:
50% Fibonacci extension, 61.8% Fibonacci retracement and horizontal overlap support
Take Profit: 1.08462
Reason for Take Profit:
61.8% Fibonacci extension and horizontal swing high resistance
Stop Loss: 1.08111
Reason for Stop Loss:
100% Fibonacci extension and horizontal swing low support