Price is facing bullish pressure from 1st support at 148.727, in line with 61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low support. Prices could bounce to 1st resistance at 149.297 where it coincides with the horizontal swing high resistance as well as 61.8% fibonacci extension. If prices break through the ascending trendline support, prices could fall to the 2nd support where it coincides with the horizontal swing low support as well as 127.2% fibonacci extension and 61.89% fibonacci retracement. Price also holding above EMA, showing bullish pressure.
Reason for Entry:
Horizontal swing low support, 61.8% fibonacci retracement and 78.6% fibonacci extension
Take Profit: 149.297
Reason for Take Profit:
Horizontal swing high resistance, 61.8% extension
Stop Loss: 148.275
Reason for Stop Loss:
Horizontal swing low support, 127.2% fibonacci extension and 61.8% fibonacci retracement
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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