Price is facing bullish pressure as it continues to hold above both the Ichimoku cloud and ascending trendline support, in line with our bullish bias. We could potentially see a bounce at our 1st support at 1.21385, which is in line with our 78.6% Fibonacci retracement and horizontal swing low support, and further upside towards our 1st resistance at 1.22090, in line with our 50% Fibonacci extension and 61.8% Fibonacci retracement.
Trading Recommendation
Entry: 1.21385
Reason for Entry:
78.6% Fibonacci retracement and horizontal swing low support
Take Profit: 1.22090
Reason for Take Profit:
50% Fibonacci extension, 61.8% Fibonacci retracement and horizontal pullback resistance
Stop Loss: 1.21096
Reason for Stop Loss:
-27.2% Fibonacci retracement and horizontal swing low support
