Price is facing bullish pressure as it continues to hold above both the ascending trendline support, in line with our bullish bias. We could potentially see a bounce at our 1st support level at 1.54635, which is in line with our 61.8% Fibonacci retracement and 161.8% Fibonacci extension, and a further rise towards our 1st resistance level at 1.55420, which is in line with our 50% Fibonacci retracement and 78.6% Fibonacci extension. It is worth noting that the MACD is above the 0 line, showing bullish pressure in line with our analysis.
Trading Recommendation
Entry: 1.54635
Reason for Entry:
61.8% Fibonacci retracement, 161.8% Fibonacci extension and horizontal overlap support
Take Profit: 1.55420
Reason for Take Profit:
50% Fibonacci retracement, 78.6% Fibonacci extension and horizontal swing high resistance
Stop Loss: 1.54101
Reason for Stop Loss:
61.8% Fibonacci retracement and horizontal swing low support
