Price is facing bullish pressure from 1st support at 0.78128, in line with 61.8% fibonacci extensions and horizontal swing low support. Price could bounce off 1st support to the 1st resistance which coincides with 61.8% fibonacci retracement, 161.8% fibonacci extension and horizontal swing low support. If prices fall through 1st support, prices could reach 2nd support which coincides with horizontal pullback support, 50% fibonacci retracement and 127.2% fibonacci extension. EMA is also below prices, showing bullish pressure on price.
Reason for Entry:
Horizontal swing low support, 61.8% fibonacci extension
Take Profit: 0.78801
Reason for Take Profit:
Horizontal swing high resistance, 161.8% fibonacci extension, 61.8% fibonacci retracement
Stop Loss: 0.77736
Reason for Stop Loss:
Horizontal pullback support, 127.2% fibonacci extension, 50% 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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