Price broke out of the descending channel, signifying an overall bullish momentum. We can expect price to bounce from 1st Support in line with 23.6% Fibonacci retracement and graphical overlap support towards 1st Resistance in line with previous swing high and 100% Fibonacci projection. Our bullish bias is further supported by the Ichimoku indicator where the prices are holding above the cloud.
Trading Recommendation
Entry:0.71631
Reason for Entry: 23.6% Fibonacci retracement and graphical overlap support
Take Profit: : 0.72584
Reason for Take Profit: previous swing high and 100% Fibonacci projection
Stop Loss: 0.71144
Reason for Stop Loss:
61.8% Fibonacci projection, 61.8% FIbonacci retracement
