Price is facing bullish pressure from 1st support at 1.20146, in line with 161.8% fibonacci extension and horizontal swing low support. Prices could bounce to 1st resistance at 1.20927 where it coincides with the horizontal swing high resistance as well as 61.8% fibonacci extension. Prices have also break above the descending trendline and did a retest, predicting a further bounce up. However, if prices break below the descending trendline and 1st support, prices could fall to 2nd support which coincides with 127.2% fibonacci retracement and-27.2% fibonacci retracement.
Trading Recommendation
Entry: 1.20162
Reason for Entry:
Horizontal swing low support, 161.8% fibonacci extension
Take Profit: 1.20927
Reason for Take Profit:
Horizontal swing high resistance, 61.8% fibonacci extension
Stop Loss: 1.19644
Reason for Stop Loss:
127.2% fibonacci retracement, -27.2% fibonacci retracement
