Price is seen to be holding above the daily timeframe ascending trendline support , showing an overall bullish pressure. We are expecting price to potentially retrace to the 1st support level in line with 61.8% Fibonacci retracement level and bounce back up to the 1st Resistance level in line with the 76.4% Fibonacci retracement level. Our bullish bias is further supported by the golden cross formed by the 50 period MA and 200 period MA and stochastic indicator where the %K line is abiding an ascending trendline.
Trading Recommendation
Entry: 0.71856
Reason for Entry:
61.8% Fibonacci Retracement
Take Profit: 0.73180
Reason for Take Profit:
76.4% Fibonacci retracement
Stop Loss: 0.70956
Reason for Stop Loss:
76.% Fibonacci extension and ascending trendline support.
