On the H1 time frame, prices are holding above an ascending channel and approaching the support zone at 134.500, in line with the 38.2% Fibonacci retracement and ascending channel’s support. This presents an opportunity to play the bounce to the next resistance target at 136.20. Prices are holding above the 50 EMA as well, supporting the bullish bias. Failure to hold above the 134.50 support zone could see prices push lower to the next support zone at 133.50.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.