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Prices are facing bullish pressure as prices break out of descending trendline resistance in line with horizontal swing low support, 50% Fibonacci retracement and 50% Fibonacci extension. Prices might push up towards horizontal swing high resistance in line with 61.8% Fibonacci retracement and 78.6% Fibonacci extension. If prices push down further, prices might take support from horizontal swing low support in line with 78.6% Fibonacci retracement and 78.6% Fibonacci extension. EMA is also below prices, showing a bullish pressure on prices.
Reason for Entry:
Horizontal swing low support, 50% Fibonacci retracement, 50% Fibonacci extension
Take Profit: 84.806
Reason for Take Profit:
Horizontal swing high resistance, 61.8% Fibonacci retracement, 78.6% Fibonacci extension
Stop Loss: 84.391
Reason for Stop Loss:
Horizontal swing low support, 78.6% Fibonacci retracement, 78.6% 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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