Prices are consolidating in a triangle and abiding to our ascending trendline. We see potential for a bounce from our 1st support at 0.91900 which is an area of Fibonacci confluences and also graphical overlap towards our 1st resistance at 0.92639 in line with 100% Fibonacci extension and 50% Fibonacci retracement. Breaking the 1st resistance will find prices climbing further towards our 2nd resistance at 0.93236 in line with 78.6% Fibonacci retracement and 161.8% and 78.6% Fibonacci extension which is a graphical swing low. RSI is showing bullish momentum. Alternatively, our stop loss will be placed at 2nd support at 0.91574 which is an area of Fibonacci confluences.
Trading Recommendation
Entry: 0.91900
Reason for Entry:
Area of Fibonacci confluences and also graphical overlap
Take Profit: 0.92630
Reason for Take Profit:
100% Fibonacci extension and 50% Fibonacci retracement
Stop Loss: 0.91574
Reason for Stop Loss:
Area of Fibonacci confluences and graphical swing low
