On the H4, with stochastics approaching resistance, we are expecting to see price do a drop from 1st resistance at 1.24037 in line with the 127.2% Fibonacci extension, 78.6% Fibonacci projection and graphical swing high resistance to 1st support at 1.23693 in line with the 38.2% and 50% Fibonacci retracement and confluent to our graphical overlap support. Alternatively, price may break 1st resistance and head for 2nd resistance at 1.23582 in line with the 50% Fibonacci extension level and graphical overlap resistance.
Trading Recommendation
Entry: 1.24037
Reason for Entry:
78.6% Fibonacci projection and graphical swing high resistance
Take Profit: 1.23693
Reason for Take Profit:
38.2% and 50% Fibonacci retracement and graphical overlap support
Stop Loss:1.23582
Reason for Stop Loss:
50% Fibonacci extension level and graphical overlap resistance.
