On the H4, price has broken above our 1st support level at 1.12574 which is in line with 61.8% Fibonacci retracement level and horizontal overlap support . We could potentially see a further rise from here towards 1st resistance at 1.13198, which coincides with horizontal swing high resistance, 61.8% Fibonacci retracement level. Finally, we can expect price to take support at 1.11928, which coincides with 127.2% Fibonacci extension level and horizontal swing low support . This is further supported by how price is likely to bounce off the Stochastic support level.
Trading Recommendation
Entry:1.12574
Reason for Entry:
61.8% Fibonacci retracement level and horizontal overlap support
Take Profit: 1.13198
Reason for Take Profit:
Horizontal swing high resistance, 61.8% Fibonacci retracement level
Stop Loss:1.11928
Reason for Stop Loss:
127.2% Fibonacci extension level and horizontal swing low support
