Price broke out of the descending channel, signifying an overall bullish momentum. We can expect price to bounce from 1st Support in line with 61.8% Fibonacci retracement, 127.2% Fibonacci projection and graphical overlap support towards 1st Resistance in line with previous swing high and 78.6% Fibonacci projection. Our bullish bias is further supported by the Ichimoku indicator where the prices are holding above the cloud.
Trading Recommendation
Entry:0.71144
Reason for Entry: 61.8% Fibonacci retracement, 127.2% Fibonacci projection and graphical overlap support
Take Profit: : 0.72584
Reason for Take Profit:Previous swing high and 78.6% Fibonacci projection
Stop Loss:0.70706
Reason for Stop Loss:
161.8% Fibonacci projection