Price has just seen a bullish breakout from descending trendline resistance-turned-support, and is now holding above both the ascending trendline and moving average support. We could potentially see further upside above 1st support, in line with 78.6% Fibonacci retracement, horizontal pullback support and moving average support, towards 1st resistance, in line with 127.2% Fibonacci extension and horizontal swing high resistance.
Trading Recommendation
Entry: 1.70571
Reason for Entry:
78.6% Fibonacci retracement, horizontal pullback support and moving average support
Take Profit: 1.71244
Reason for Take Profit:
127.2% Fibonacci extension and horizontal swing high resistance
Stop Loss: 1.70186
Reason for Stop Loss:
50% Fibonacci retracement and horizontal swing low support