Price is approaching our 1st support at 1.21079, in line with our 23.6%, 78.6% Fibonacci extension levels and horizontal swing low support. We could potentially see a bounce and further upside towards our 1st resistance at 1.21445, in line with our 61.8% Fibonacci extension and horizontal swing high resistance. Price is also holding above the Ichimoku cloud, showing bullish pressure in line with our analysis.
Trading Recommendation
Entry: 1.21079
Reason for Entry:
23.6%, 78.6% Fibonacci extension levels and horizontal swing low support
Take Profit: 1.21445
Reason for Take Profit:
61.8% Fibonacci extension and horizontal swing high resistance
Stop Loss: 1.20848
Reason for Stop Loss:
38.2%, 127.2% Fibonacci extension levels, 50% Fibonacci retracement and horizontal overlap support