Price is approaching our 1st support at 1.21277, in line with our 100% Fibonacci extension level, 61.8% fibonacci retracement and horizontal pullback support. We could potentially see a bounce and further upside towards our 1st resistance at 1.22067, in line with our 100% Fibonacci extension and 127.2% fibonacci retracement. Price is also holding above the Ichimoku cloud and 20 EMA, showing bullish pressure in line with our analysis.
Trading Recommendation
Entry: 1.21277
Reason for Entry:
100% Fibonacci extension level, 61.8% fibonacci retracement and horizontal pullback support
Take Profit: 1.22067
Reason for Take Profit:
100% Fibonacci extension and 127.2% fibonacci retracement
Stop Loss: 1.20981
Reason for Stop Loss:
horizontal overlap support, 50% fibonacci retracement