Prices are facing bullish pressure from the first support at 1.20503 in line with 78.6% retracement, 78.6% extension and horizontal overlap support where we could see a potential bounce above this level with 1.21164 as our resistance target. Failure to hold above first support could see a swing toward second support at 1.20277.
Trading Recommendation
Entry: 1.20503
Reason for Entry:
78.6% retracement, 78.6% extension and horizontal overlap support
Take Profit: 1.21164
Reason for Take Profit:
Horizontal swing high resistance, 127.2% Fibonacci extension
Stop Loss: 1.20277
Reason for Stop Loss:
Horizontal swing low support, 100% Fibonacci extension
