Price is approaching the ascending trendline support and also 1st support at 81.876, which is in line with our 38.2% Fibonacci retracement and 78.6% Fibonacci extension. We could potentially see a bounce at this level and further rise up towards 1st resistance at 82.124, which is in line with our 61.8% Fibonacci extension. It's worth noting that the price is facing bullish pressure from the Ichimoku cloud as well, in line with our analysis.
Reason for Entry:
38.2% Fibonacci retracement, 78.6% Fibonacci extension and horizontal swing low support
Take Profit: 82.124
Reason for Take Profit:
61.8% Fibonacci extension and horizontal swing high resistance
Stop Loss: 81.677
Reason for Stop Loss:
61.8% Fibonacci retracement, 161.8% Fibonacci extension and horizontal overlap 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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