Price has finally broken out of consolidation, we can see that price broke out of the triangle pattern towards the upside. Price is expected to ride on the bullish momentum towards the 1st resistance in line with the 61.8% Fibonacci extension. Our bullish bias is also supported by the MACD indicator where the MACD line crosses above the signal line and price holding above the Ichimoku cloud indicator, signifying a bullish momentum.
Trading Recommendation
Entry: 0.91757
Reason for Entry:
23.6% Fibonacci retracement, descending trendline resistance turn support
Take Profit: 0.92424
Reason for Take Profit:
61.8% Fibonacci extension, daily resistance
Stop Loss: 0.91015
Reason for Stop Loss:
61.8% Fibonacci retracement and 76.4% Fibonacci extension
