Price is facing bullish pressure as it continues to hold above the ascending trendline support. We could see a bounce at 1st support, which is in line with 61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal overlap support, and a further rise towards 1st resistance, which is in line with 61.8% Fibonacci extension and horizontal swing high resistance. Stochastics has also bounced from the 10.22 support where it has reacted off before.
Reason for Entry:
61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal overlap support
Take Profit: 1.21817
Reason for Take Profit:
61.8% Fibonacci extension and horizontal swing high resistance
Stop Loss: 1.19860
Reason for Stop Loss:
127.2% Fibonacci extension and horizontal swing low support
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