On the H4 timeframe, price broke out of the ascending trendline support, signifying an overall bearish momentum. However, we can expect price to make a short-term retracement from 1st Support in line with graphical overlap support and 50% Fibonacci retracement towards 1st Resistance in line with 78.6% Fibonacci projection and 38.2% Fibonacci retracement. Our short-term bullish bounce is further supported by the stochastic indicator where the %K line is approaching the support level.
Trading Recommendation
Entry:0.92272
Reason for Entry:
graphical overlap support and 50% Fibonacci retracement
Take Profit: 0.92713
Reason for Take Profit:
78.6% Fibonacci projection and 38.2% Fibonacci retracement
Stop Loss: 0.92038
Reason for Stop Loss:
61.8% Fibonacci retracement
