Price has just bounced from our 1st support level, in line with our horizontal swing low support, 50% and 61.8% Fibonacci retracement levels. We could potentially see a further rise up from this level towards our 1st resistance level, in line with our 61.8% Fibonacci extension and horizontal swing high resistance. Price is also holding above both the Ichimoku cloud and the ascending trendline support, which shows bullish pressure in line with our analysis.

Trading Recommendation

Entry: 1.21180

Reason for Entry:

50% and 61.8% Fibonacci retracement, horizontal swing low support

Take Profit: 1.21897

Reason for Take Profit:

61.8% Fibonacci extension and horizontal swing high resistance

Stop Loss: 1.20768

Reason for Stop Loss:

78.6% Fibonacci retracement and horizontal low support