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 100% Fibonacci projection towards 1st Support in line with 100% Fibonacci projection and 78.6% Fibonacci retracement. Our bearish bias is further supported by the stochastic indicator where the %K line is at the resistance level.
Trading Recommendation
Entry:116.297
Reason for Entry:Horizontal resistance and 100% Fibonacci projection
Take Profit: : 114.739
Reason for Take Profit: 100% Fibonacci projection and 78.6% Fibonacci retracement
Stop Loss:116.938
Reason for Stop Loss:
100% Fibonacci projection
