Price is facing bullish pressure from our 1st support at 127.918, in line with our horizontal pull back support, 61.8% fibonacci retracement and 100% fibonacci extension. We could potentially see a bounce and further upside towards our 1st resistance at 128.744, in line with our 127.2% Fibonacci extension. A break above our upside confirmation level could see a further push up to our first resistance target. Price is also holding above the Ichimoku cloud and 20 EMA, showing bullish pressure in line with our analysis.
Trading Recommendation
Entry: 127.918
Reason for Entry:
horizontal pull back support, 61.8% fibonacci retracement and 100% fibonacci extension
Take Profit: 128.744
Reason for Take Profit:
127.2% Fibonacci extension
Stop Loss: 127.676
Reason for Stop Loss:
horizontal swing low support
