Price is approaching 1st support, in line with our 50%, 78.6% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing low support. We could see a bounce and further rise towards 1st resistance, in line with 127.2% Fibonacci extension and horizontal swing high resistance. Stochastics has also just bounced from the lower 17.38 support, where it has reacted off of before, in line with our analysis.
Trading Recommendation
Entry: 0.77063
Reason for Entry:
50%, 78.6% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing low support
Take Profit: 0.78160
Reason for Take Profit:
127.2% Fibonacci extension and horizontal swing high resistance
Stop Loss: 0.76606
Reason for Stop Loss:
61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal pullback support
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