Price is approaching our first resistance in line with our horizontal overlap resistance, 61.8% fibonacci retracement and 100% fibonacci extension where we could see a reversal below this level to our first support target.
Price is approaching our first support in line with our 50% retracement, 100% extension and horizontal pullback support where we could see a bounce above this level to our take profit target.
Price bounced off a key support level and a break above our descending trend line could provide the bullish confirmation. I will only consider a long position after this trend line has been broken.
