On the H4, price has broken out of the descending trendline resistance and reacting in an ascending channel, signifying bullish momentum. We can expect price to bounce from 1st Support in line with channel support, 78.2% Fibonacci retracement and 127.2% Fibonacci projection towards 1st Resistance in line with 100% Fibonacci projection and 61.8% Fibonacci retracement. Our bullish bias is further supported by the stochastic indicator where the %D line is abiding to the ascending trendline support.
Trading Recommendation
Entry:0.71099
Reason for Entry:
78.2% Fibonacci retracement and 127.2% Fibonacci projection
Take Profit: 0.72317
Reason for Take Profit:
100% Fibonacci projection and 61.8% Fibonacci retracement
Stop Loss: 0.70778
Reason for Stop Loss:
161.8% Fibonacci projection and -27.2% Fibonacci extension
