Price is facing bullish pressure as it continues to hold above both the ascending trendline and moving average support, in line with our bullish bias. We could potentially see a bounce at our 1st support level at 83.375, which is in line with our 23.6%, 38.2% Fibonacci retracement levels and 61.8% Fibonacci extension, and a further rise towards our 1st resistance level at 84.324, which is in line with our 78.6% Fibonacci retracement and 127.2% Fibonacci extension levels.
Reason for Entry:
23.6%, 38.2% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing low support
Take Profit: 84.324
Reason for Take Profit:
78.6% Fibonacci retracement, 127.2% Fibonacci extension and horizontal pullback resistance
Stop Loss: 82.691
Reason for Stop Loss:
61.8% Fibonacci retracement 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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