Price is reacting above 1st support, which is in line with 61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal pullback support. We could potentially see further upside above 1st support towards 1st resistance, which is in line with our 100% Fibonacci extension and horizontal swing high resistance. Stochastics has also just bounced from the 15.02 support level where it has reacted from before.
Trading Recommendation
Entry: 1.19890
Reason for Entry:
61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal pullback support
Take Profit: 1.20695
Reason for Take Profit:
100% Fibonacci extension and horizontal swing high resistance
Stop Loss: 1.19426
Reason for Stop Loss:
161.8% Fibonacci extension and horizontal swing low suppor
