Price broke above ascending trendline resistance (now support). With price holding above moving average and stochastic indicator on support where price reacted in the past, a short term bounce reaction above 1st support at 1.26408 towards 1st resistance at 1.27079 could be expected.
Reason for Entry:
38.20% Fibonacci retracement, descending trendline support
Take Profit: 1.27079
Reason for Take Profit:
61.8% Fibonacci retracement
Stop Loss: 1.26082
Reason for Stop Loss:
-27.20% 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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