Price is approaching our 1st support, in line with our 78.6% Fibonacci retracement, 50% Fibonacci extension, horizontal swing low support and ascending trendline support. We could potentially see a bounce and further upside towards our 1st resistance, in line with our 50% Fibonacci retracement, 78.6% Fibonacci extension and horizontal swing high resistance. Stochastics is also approaching the lower 7.11 support level where it has reacted from before, in line with our analysis.
Trading Recommendation
Entry: 1.54198
Reason for Entry:
78.6% Fibonacci retracement, 50% Fibonacci extension, horizontal swing low support and ascending trendline support
Take Profit: 1.54845
Reason for Take Profit:
50% Fibonacci retracement, 78.6% Fibonacci extension and horizontal swing high resistance
Stop Loss: 1.53808
Reason for Stop Loss:
78.6% Fibonacci extension and horizontal swing low support