Price is expected to move upwards out of this consolidation pattern, price is seen to be holding above the descending trendline resistance. Price is expected to rally up towards the 1st resistance in line with the previous swing high and 78.6% Fibonacci extension level. Our bullish bias is further supported by the stochastic indicator, the K% line bounced off on the support level showing a strong upward movement.
Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Trading Recommendation
Entry: 109.113
Reason for Entry:
61.8% Fibonacci extension and previous swing low
Take Profit: 110.809
Reason for Take Profit:
78.6% Fibonacci extension and previous swing high
Stop Loss: 108.715
Reason for Stop Loss:
76.4% Fibonacci extension
