Price is abiding the ascending trendline support on the daily timeframe showing a bullish momentum. We are expecting the price to push up towards the 1st Resistance in line with 78.6% Fibonacci projection and daily overlap resistance. Our bullish bias is further supported by the stochastic indicator where the %D line holding on the ascending trendline support and price holding above the 100period MA.
Trading Recommendation
Entry: 1.27163
Reason for Entry:
50.0% Fibonacci retracement
Take Profit: 1.29364
Reason for Take Profit:
78.6% Fibonacci projection
Stop Loss: 1.25811
Reason for Stop Loss:
Daily overlap support
