On the M30 time frame, a throwback to the support zone at 138.80, in line with the 78.6% Fibonacci retracement presents an opportunity to play the bounce with 141.20 as the resistance target. The 141.20 resistance zone coincides with the graphical support-turned-resistance zone and 100% Fibonacci extension. Failure to hold above the 138.80 support zone could see prices push lower to the next support zone at 138.20. Stochastic is approaching support as well where we could see further upside, supporting the bullish bias.
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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.