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