Fibonacci Bounce at 1116 (0.618): The 1116 level aligns with the 0.618 Fibonacci retracement, signaling a probable bounce as historical data suggests significant price reactions at such levels.
Strong Support Zone at 1100-1185: The broader support zone enhances the bullish outlook, providing a sturdy foundation for potential price reversals.
Confirmation and Risk Management: Supplement the analysis with technical indicators like RSI and MACD, while implementing proper risk management strategies.
Conclusion: Traders may find an opportunity to capitalize on the Fibonacci bounce at 1116, supported by a solid price zone. However, exercising caution and employing risk management practices is essential.
(Note: This is a condensed summary and not financial advice. Consult with a financial professional before making investment decisions.)