Prices are facing bullish pressure from horizontal swing low support in line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension. Prices might push up towards 1st resistance, which is a fibonacci confluence -27.2% Fibonacci retracement and 78.6% Fibonacci extension. If prices push down further, prices might take support from 50% FIbonacci extension and 38,2% Fibonacci retracement. EMA is also below prices, showing a bullish pressure for prices.
Reason for Entry:
Ascending trendline support, horizontal swing low support, 61.8% Fibonacci retracement, 61.8% Fibonacci extension
Take Profit: 85.091
Reason for Take Profit:
-27.2% FIbonacci retracement, 78.6% Fibonacci extension
Stop Loss: 84.723
Reason for Stop Loss:
Horizontal swing low support, 50% Fibonacci extension, 38.2% Fibonacci retracement
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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