Price is below first resistance at 87.730 in line with 78.6% Fibonacci retracement and 161.8% Fibonacci extension . It could potentially bullish from first support at 86.594 in line with 23.6% Fibonacci retracement and 23.6% Fibonacci extension to first resistance at 87.730 in line with 78.6% Fibonacci retracement and 161.8% Fibonacci extension. Our bullish bias is further supported by how MACD is shown to be holding above the 0 line. Otherwise price may continue to bearish to 2nd support at 86.208 in line with 50% Fibonacci retracement and 38.2% Fibonacci extension.
Trading Recommendation
Entry: 86.594
Reason for Entry:
23.6% Fibonacci retracement and 23.6% Fibonacci extension
Take Profit: 87.730
Reason for Take Profit:
78.6% Fibonacci retracement and 161.8% Fibonacci extension
Stop Loss: 86.208
Reason for Stop Loss:
50% Fibonacci retracement and 38.2% Fibonacci extension
