Price is abiding to the descending trendline resistance on the daily, signifying an overall bearish trend, however, there might be a potential bullish trend breakout with the inverse head and shoulders spotted at the bottom of the descending trend. We can expect price to be bounce off from the 1st Support in line with 23.6% Fibonacci retracement and 61.8% Fibonacci projection towards the 1st Resistance in line with -27.2% Fibonacci retracement and 127.2% Fibonacci projection. Our potential bullish bias is further supported by price holding above the Ichimoku cloud acting as a support and RSI indicator abiding to a ascending trendline support.
Reason for Entry:
23.6% Fibonacci retracement and 61.8% Fibonacci projection
Take Profit: 0.70024
Reason for Take Profit:
-27.2% Fibonacci retracement and 127.2% Fibonacci projection
Stop Loss: 0.68310
Reason for Stop Loss:
38.2% Fibonacci retracement and 100% Fibonacci projection
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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