Prices appear to be consolidating in a triangle. We see potential for a bounce from our 1st support at 0.67155 in line with 127.2% Fibonacci extension and 78.6% Fibonacci retracement and bullish trendline towards our 1st resistance at 0.67558 in line with 23.6% Fibonacci retracement and 50% Fibonacci retracement. Alternatively, our stop loss will be placed at 2nd resistance at 0.67872 which is an area of Fibonacci confluences. RSI is at a level where bounces previously occurred.
Trading Recommendation
Entry: 0.67155
Reason for Entry:
127.2% Fibonacci extension and 78.6% Fibonacci retracement and bullish trendline
Take Profit: 0.67558
Reason for Take Profit:
23.6% Fibonacci retracement and 50% Fibonacci retracement
Stop Loss: 0.67872
Reason for Stop Loss:
Area of Fibonacci confluences
