In a recent and new upward trend a shallow retracement into a support area
consisting of a horizontal price zone and the 8 ema
. This area falls around the 38.2% Fibonacci retracement
region which price has rejected giving a low test bar/bullish pin bar
suggesting a long position.
entry - above high of low test bar
stop loss - below low of low test bar
target - at the next resistance level/127.2% Fibonacci extension