Prices are facing bullish pressure as prices broke out of descending trendline resistance. Prices are pushing down to retest the descending trendline turned support in line with horizontal swing low support, 50% Fibonacci extension , and 61.8% Fibonacci retracement . Prices might push up towards horizontal swing high resistance in line with 61.8% Fibonacci retracement and 100% Fibonacci extension . If prices push lower, prices might take support on horizontal swing low support in line with 78.6% Fibonacci retracement . MACD is also showing bullish pressure for prices..

Trading Recommendation

Entry: 1.58096

Reason for Entry:

Horizontal swing low support, 50% Fibonacci extension, 61.8% Fibonacci retracement

Take Profit: 1.58994

Reason for Take Profit:

Horizontal swing high resistance, 61.8% Fibonacci retracement, 100% Fibonacci extension

Stop Loss: 1.57757

Reason for Stop Loss:

Horizontal swing low support, 78.6% Fibonacci extension