Price is reacting in between the 1st Resistance and 1st support. We can expect the price to bounce from the 1st Support in line with 100% Fibonacci Projection and horizontal swing lows towards the 1st Resistance in line with 100% Fibonacci projection and horizontal swing highs. Our bullish bias is further supported by the RSI indicator where we can see bullish divergence.
Trading Recommendation
Entry:1.16646
Reason for Entry:
100% Fibonacci Projection, horizontal swing low
Take Profit: 1.19094
Reason for Take Profit:
100% Fibonacci Projection, horizontal swing high
Stop Loss: 1.16124
Reason for Stop Loss:
127.2% Fibonacci Projection and 127.2% Fibonacci Retracement
