Price is facing bullish pressure from 1st support level which is a horizontal swing low support, in line with 61.8% fibonacci retracement and 50% fibonacci extension level. Price might bounce up from 1st support to the 1st resistance which coincides with the 78.6% fibonacci retracement . If prices fall through 1st support and the ascending trendline support, it might reach 2nd support level which is the next horizontal swing low resistance, in line with the 78.6% fibonacci extension .
Reason for Entry:
Horizontal swing low support, 61.8% fibonacci retracement, 50% fibonacci extension
Take Profit: 129.637
Reason for Take Profit:
Horizontal swing high resistance, 78.6% fibonacci retracement
Stop Loss: 0.71805
Reason for Stop Loss:
Horizontal swing low support, 78,6% fibonacci extension
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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