Price is abiding the ascending trendline support showing a bullish momentum. We are expecting the price to push up from the pivot level (current price in line with the ascending trendline support and 38.2% Fibonacci retracement) towards the 1st resistance level in line with 61.8 Fibonacci projection. Our bullish bias is further supported by the stochastic indicator where the %K line bounced off the support and holding on the ascending trendline support.
Trading Recommendation
Entry: 1.37815
Reason for Entry:
38.20% Fibonacci retracement
Take Profit: 1.39053
Reason for Take Profit:
61.8% Fibonacci projection
Stop Loss: 1.37259
Reason for Stop Loss:
50% Fibonacci retracement and 61.8%Fibonacci projection
