The price has bounced up from our buying area and has reached our profit target perfectly. We remain bullish after the price has broken out of our bearish channel as we look to buy above major support at 0.7892 (Fibonacci retracement, horizontal overlap support) for a push up to at least 0.7942 resistance (Fibonacci retracement, horizontal swing high resistance, Fibonacci extension).
RSI (34) sees a bullish exit from a long-term descending resistance-turned-support line signalling that we're seeing a change in momentum from bearish to bullish.
Buy above 0.7892. Set stop loss at 0.7865 and take profit at 0.7943.
