Price has shown a bullish breakout from the descending trendline resistance-turned-support, and is now holding above the moving average support as well. We could see a further rise above 1st support, in line with 50% Fibonacci retracement and horizontal overlap support, towards 1st resistance, in line with 78.6% Fibonacci retracement, 100% Fibonacci extension and horizontal pullback resistance.
Trading Recommendation
Entry: 1.83296
Reason for Entry:
50% Fibonacci retracement and horizontal overlap support
Take Profit: 1.84540
Reason for Take Profit:
78.6% Fibonacci retracement, 100% Fibonacci extension and horizontal pullback resistance
Stop Loss: 1.82617
Reason for Stop Loss:
61.8% Fibonacci extension and horizontal swing low support
