After a nice breakout from bearish trendline ,price is retesting the trendline before a further bounce. A rise from our pivot at 103.496 towards 1st resistance at 104.085 could be possible. Failing to edge above the pivot would see price swing towards 1st support where horizontal swing low is.
Reason for Entry:
50% Fibonacci retracement, 61.8% Fibonacci extension, trendline support
61.8% Fibonacci retracement
Stop Loss: 102.995
Reason for Stop Loss:
Horizontal swing low, 76.4% 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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