Price is testing the 1st support, which is in line with our 38.2% Fibonacci retracement and 61.8% Fibonacci extension. We could potentially see a bounce and a further rise up to our 1st resistance, which is in line with our 50% and 161.8% Fibonacci extension levels, as well as our horizontal swing high resistance. It is worth noting that price continues to hold above both the ascending trendline and moving average support.
Trading Recommendation
Entry: 0.74310
Reason for Entry:
38.2% Fibonacci retracement, 61.8% Fibonacci extension and horizontal overlap support
Take Profit: 0.74763
Reason for Take Profit:
50%, 161.8% Fibonacci extension and horizontal swing high resistance
Stop Loss: 0.74111
Reason for Stop Loss:
50% Fibonacci retracement, 127.2% Fibonacci extension and horizontal swing low support
