Price is trading in a daily ascending channel. Price is near the 1st support level of 115.039 in line with 78.6% Fibonacci projection and 61.8% Fibonacci retracement. Price can potentially go to the swing high resistance of 116.297 in line with 61.8% Fibonacci projection. Our bullish bias is supported by the ichimoku cloud indicator. Alternatively price can dip to the 2nd support level of 114.648 in line with 100% Fibonacci projection and 78.6% Fibonacci retracement.
Trading Recommendation
Entry: 115.039
Reason for Entry: 61.8% Fibonacci retracement, 78.6% Fibonacci projection and graphical overlap support
Take Profit: : 116.297
Reason for Take Profit:
Previous swing high and 61.8% Fibonacci projection
Stop Loss: 114.648
Reason for Stop Loss:
100% Fibonacci projection and 78.6% Fibonacci retracement
