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A bullish engulfing candlestick rebounded off 61.8% FR and 20-day EMA after a brief overbought correction. The price is expected to resume its upward movement as it is now above the rising combined 20,50&200-day EMA .
The bullishness of the trend is supported by positive momentum in MACD .
EP – 0.355
Next R/ TP:
• 0.45 (coincides with 61.8% FE) – take half profit first.
• 0.57 (coincides with 100% FE)
Support:
• 0.335 ( 38.2% retracement )
• 0.26 ( 61.8% retracement )
Risk and reward – 0.02: 0.095 which is 1:4.75
The bullishness of the trend is supported by positive momentum in MACD .
EP – 0.355
Next R/ TP:
• 0.45 (coincides with 61.8% FE) – take half profit first.
• 0.57 (coincides with 100% FE)
Support:
• 0.335 ( 38.2% retracement )
• 0.26 ( 61.8% retracement )
Risk and reward – 0.02: 0.095 which is 1:4.75
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