Price is seen to move in the ascending channel, we are expecting price to bounce upwards towards the top of the channel. Price is expected to rally upwards from the pivot, in line with 61.8% Fibonacci extension, towards the 1st Resistance in line with 100% Fibonacci extension. Our bullish bias is further supported by the stochastic indicator where the %K line bounced off the support showing a potential bullish momentum.
Trading Recommendation
Entry: 109.939
Reason for Entry:
61.8% Fibonacci Extension
Take Profit: 110.515
Reason for Take Profit:
100% Fibonacci extension, in line with the top trendline of the channel
Stop Loss: 109.444
Reason for Stop Loss:
127.2% Fibonacci extension