Prices are consolidating in a triangle. We see potential for a bounce from our 1st support at 123.104 which is a graphical overlap and in line with 50% Fibonacci retracement towards our 1st resistance at 123.501 in line with 78.6% Fibonacci retracement and 78.6% Fibonacci extension. Breaking the 1st resistance will find prices climbing further towards our 2nd resistance at 123.707 in line with 100% Fibonacci extension. Technical indicators are showing bullish momentum. Alternatively, our stop loss will be placed at 2nd support at 122.687 in line with 78.6% Fibonacci retracement and in line with our ascending trendline.
Trading Recommendation
Entry: 123.104
Reason for Entry:
Graphical overlap and in line with 50% Fibonacci retracement
Take Profit: 123.501
Reason for Take Profit:
78.6% Fibonacci retracement and 78.6% Fibonacci extension
Stop Loss: 122.687
Reason for Stop Loss:
78.6% Fibonacci retracement and in line with our ascending trendline
