Price is trading in an ascending channel signifying an overall bullish momentum, however, we can expect a short-term bearish drop from 1st Resistance level in line with horizontal resistance and 78.6% Fibonacci projection towards 1st Support in line with previous swing low and 100% Fibonacci projection. Our bearish bias is further supported by the stochastic indicator where the %K line is at the resistance level.
Trading Recommendation
Entry:115.598
Reason for Entry:Horizontal resistance and 78.6% Fibonacci projection
Take Profit: : 114.025
Reason for Take Profit:Previous swing low and 100% Fibonacci projection
Stop Loss: 116.150
Reason for Stop Loss:
100% Fibonacci projection
