Price is approaching 1st Support, which is in line with our 61.8% Fibonacci retracement, 61.8% Fibonacci extension and ascending trendline support. We could potentially see a bounce and a further rise towards our 1st resistance, which is in line with our 78.6% Fibonacci extension and horizontal swing high resistance. It is worth noting that the Stochastic indicator has also just bounced from the 23.92 support level where it has reacted off before, in line with our analysis.
Trading Recommendation
Entry: 108.869
Reason for Entry:
61.8% Fibonacci retracement, 61.8% Fibonacci extension and ascending trendline support
Take Profit: 109.327
Reason for Take Profit:
78.6% Fibonacci extension and horizontal swing high resistance
Stop Loss: 108.627
Reason for Stop Loss:
78.6% Fibonacci retracement, 127.2% Fibonacci extension and horizontal swing low support
