Price had been consolidating in a descending price channel and reacting to the Daily descending trendline support. Price could be potentially bullish from 1st support at 1.83246 in line with Horizontal swing low and 61.8% Fibonacci extension to 1st resistance at 1.84728 in line with 50% Fibonacci retracement and 61.8% Fibonacci extension. Our bullish bias is further supported by how price is reacting to the Daily ascending trendline support and RSI is also abiding to the ascending trendline support and possibly a bullish divergence. Otherwise price may bearish towards 2nd support at 1.82555 in line with 127.2% Fibonacci retracement and 78.6% Fibonacci extension.
Trading Recommendation
Entry: 1.83246
Reason for Entry:
Horizontal swing low and 61.8% Fibonacci extension
Take Profit: 1.84728
Reason for Take Profit:
50% Fibonacci retracement and 61.8% Fibonacci extension
Stop Loss: 1.82555
Reason for Stop Loss:
127.2% Fibonacci retracement and 78.6% Fibonacci extension
