In reference to yesterday's analysis, price indeed bounced and hit our 1st resistance at 0.92487. On the H4 timeframe, we can see that price 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 78.6%Fibonacci retracement and 161.8% Fibonacci projection. Our bullish bias is further supported by the RSI indicator where it is abiding to the ascending trendline.
Trading Recommendation
Entry: 0.92033
Reason for Entry:
23.6% Fibonacci retracement
Take Profit: 0.92487
Reason for Take Profit:
78.6% Fibonacci retracement and 161.8% Fibonacci Projection
Stop Loss: 0.91785
Reason for Stop Loss:
38.2% Fibonacci retracement
