Price is holding above the 200 period MA signifying that price might continue to push upwards. Price is expected to rally up towards the take profit level in line with the 78.6% Fibonacci extension . Our bullish bias is also supported by the stochastic indicator where the K% line is touching the support level and hence would potentially bounce up. Alternatively, price might push down and breakthrough the 200 period MA and push towards the stop loss level in line with 127.2% Fibonacci extension .

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