Price is on a bullish momentum forming a potential bullish trendline. We see potential for a bounce from our 1st support at 0.72534 in line with 78.6% Fibonacci retracement ascending trendline and graphical swing low towards our 1st resistance at 0.73587 in line with 38.2%,61.8% and 61.8% Fibonacci retracement. Alternatively, our stop loss will be placed at 2nd support at 0.71703 in line with 127.2% Fibonacci extensions and graphical swing low. RSI is approaching levels where bounces occurred previously.
Trading Recommendation
Entry: 1.1617
Reason for Entry:
78.6% Fibonacci retracement and 78.6% Fibonacci retracement
Take Profit: 1.15413
Reason for Take Profit:
Horizontal swing low and 61.8% Fibonacci extension, 61.8% Fibonacci Retracement
Stop Loss: 1.16509
Reason for Stop Loss:
127.2% Fibonacci extension
