Price is holding above the Daily descending trendline resistance (now support) and 1st support at 0.921191 in line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension. A further push up from 1st support towards 1st resistance at 0.93131 in line with 61.8% Fibonacci retracement and 127.2% Fibonacci extension may be expected. It is worth noting that Stochastic is reacting above support where price rise in the past and thus showing bullish pressure in line with our analysis. Otherwise Price may bearish towards 2nd support at 0.91636 in line with horizontal swing low and 127.2% Fibonacci extension.
Reason for Entry:
61.8% Fibonacci retracement and 61.8% Fibonacci extension
Take Profit: 0.93131
Reason for Take Profit:
61.8% Fibonacci retracement and 127.2% Fibonacci extension
Stop Loss: 0.91636
Reason for Stop Loss:
Horizontal swing low and 127.2% 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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