On the H4, price is seen to have moved down and touched the previous 1st support. Price has reached the previous high, price is likely to push back up to the resistance level in line with the daily resistance. Our bias for the short term is bullish as the Stochastic indicator shows that the K% line bounced off the strong support line showing a potential bullish movement.
Trading Recommendation
Entry: 0.90757
Reason for Entry: 76.4% Fibonacci retracement and 78.6% Fibonacci extension
Take Profit: 0.92676
Reason for Take Profit: Daily resistance
Stop Loss: 0.90475
Reason for Stop Loss: 100% Fibonacci extension.
