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Price is approaching our ascending trendline support and 1st support at 1.21258, in line with our 61.8% Fibonacci retracement and 100% Fibonacci extension. Price could potentially bounce at our 1st support and rise further towards our 1st resistance at 1.21967, which is in line with our 78.6% Fibonacci extension. It is also worth noting that price continues to hold above the Ichimoku cloud, which shows bullish pressure in line with our bullish bias.
Reason for Entry:
100% Fibonacci extension, 61.8% Fibonacci retracement and horizontal pullback support
Take Profit: 1.21967
Reason for Take Profit:
78.6% Fibonacci extension and horizontal swing high resistance
Stop Loss: 1.20807
Reason for Stop Loss:
161.8% Fibonacci extension and horizontal swing low support
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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