Prices are facing short term bullish pressure from horizontal swing low support in line with 78.6% Fibonacci retracement. Prices might push up towards horizontal pullback resistance in line with 78.6% Fibonacci retracement and 161.8% Fibonacci extension. If prices push down further, prices might take support from horizontal swing low support, in line with 161.8% Fibonacci retracement and 78.6% Fibonacci extension. Stochastics is also approaching 10.91 support level, potential for bounce.
Trading Recommendation
Entry: 1.46912
Reason for Entry:
Horizontal swing low support, 78.6% Fibonacci retracement
Take Profit: 1.47338
Reason for Take Profit:
Descending trendline resistance, horizontal pullback resistance, 78.6% Fibonacci retracement, 161.8% Fibonacci extension
Stop Loss: 1.46744
Reason for Stop Loss:
Horizontal swing low support, 161.8% Fibonacci retracement, 78.6% Fibonacci extension
