On the H4 timeframe, we can see that prices have broken out of the descending trendline resistance, signifying a bullish momentum. We can expect price to bounce from 1st Support in line with 23.6% Fibonacci retracement towards 1st Resistance in line with 127.2% Fibonacci projection and 161.8% Fibonacci retracement. Our bullish bias is further supported by the MACD indicator where the MACD line crosses above the signal line.
Trading Recommendation
Entry: 0.91690
Reason for Entry:
23.6% Fibonacci retracement
Take Profit: 0.92152
Reason for Take Profit:
127.2% Fibonacci projection and 161.8% Fibonacci retracement
Stop Loss: 0.91513
Reason for Stop Loss:
38.2% Fibonacci retracement
