Price is taking support on 1st support level, in line with the ascending trendline support, horizontal pullback support, 78.6% fibonacci extension and 38.2% fibonacci retracement. Prices might potentially bounce to 1st resistance , which is a 78.6% fibonacci extension and -27.2% fibonacci retracement. If prices fall through the first support, prices might pullback to 2nd support which coincides with horizontal swing low support, 161.8% fibonacci extension and 78.6% fibonacci retracement. EMA is also below prices, suggesting a bullish pressure on the prices.
Trading Recommendation
Entry: 85.595
Reason for Entry:
Horizontal pullback support, ascending trendline support, 78.6% fibonacci extension, 38.2% fibonacci retracement
Take Profit: 86.104
Reason for Take Profit:
-27.2% fibonacci retracement, 78.6% fibonacci extension
Stop Loss: 85.293
Reason for Stop Loss:
Horizontal swing low support, 78.6% fibonacci retracement, 161.8% fibonacci extension
