With the recent breakout in resistance which has now turned support at 1.16097, we are expecting to see price do a rise from 1st support at 1.16091 in line with 23.6% Fibonacci retracement to 1st resistance at 1.16259 in line with the 161.8% Fibonacci extension. Our current bullish bias is supported by price moving above the ichimoku cloud coupled with an ascending trendline on the stochastic indicator. Alternatively, price may break structure at 1st support and head for 2nd support at 1.15873 in line with the 38.2% Fibonacci retracement level.
Reason for Entry:
Horizontal swing high resistance and 161.8% Fibonacci extension
Take Profit: 1.16259
Reason for Take Profit:
Horizontal overlap support and 23.6% Fibonacci retracement
Stop Loss: 1.15873
Reason for Stop Loss:Horizontal overlap support and 38.2% Fibonacci retracement
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