Price is facing bullish pressure as it continues to hold above both the Ichimoku cloud and ascending trendline support, in line with our bullish bias. We could potentially see a bounce at our 1st support level at 84.867, which is in line with our 61.8% Fibonacci retracement and 161.8% Fibonacci extension, and a further rise towards our 1st resistance level at 85.542, which is in line with our 61.8% Fibonacci extension and horizontal swing high resistance.
Reason for Entry:
61.8% Fibonacci retracement, 161.8% Fibonacci extension and horizontal pullback support
Take Profit: 85.542
Reason for Take Profit:
61.8% Fibonacci extension and horizontal swing high resistance
Stop Loss: 84.441
Reason for Stop Loss:
61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal swing low support
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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