Price broke out of descending trendline resistance (now support) to the upside. A further push up above 1st support at 108.627 towards 1st resistance at 108.814 could be expected. MACD indicator starting to rise above 0 as well, showing a build up in bullish momentum.
Trading Recommendation
Entry: 108.627
Reason for Entry:
23.6% Fibonacci retracement, descending trendline support
Take Profit: 108.814
Reason for Take Profit:
-27.2% Fibonacci retracement, 100% FIbonacci extension
Stop Loss: 108.518
Reason for Stop Loss:
50% Fibonacci retracement
