Price is reacting above the descending trendline resistance (now support). Price could potentially bullish from 1st support at 0.84528 in line with 38,2% Fibonacci retracement and 23.6% Fibonacci extension to 1st resistance at 0.84958 in line with 61.8 Fibonacci retracement and 61.8% Fibonacci extension. Our bullish bias is further supported by how Price is holding above the EMA. Otherwise price may bearish towards 2nd support at 0.84215 in line with Horizontal swing low and 50% Fibonacci extension.
Trading Recommendation
Entry: 0.84528
Reason for Entry:
38,2% Fibonacci retracement and 23.6% Fibonacci extension
Take Profit: 0.84958
Reason for Take Profit:
61.8 Fibonacci retracement and 61.8% Fibonacci extension
Stop Loss: 0.84215
Reason for Stop Loss:
Horizontal swing low and 50% Fibonacci extension
