On the H4 time frame, with price approaching the support of the stochastics indicator, we have a bullish bias that price will rise from 1st support at 1.27652 which is also 78.6% Fibonacci projection and 23.6% Fibonacci retracement to 1st resistance of 1.29441 which is also the graphical swing high resistance. Alternatively our stop loss is placed at 2nd support level which is also 127.2% Fibonacci projection and 50% Fibonacci retracement.
Trading Recommendation
Entry: 1.27652
Reason for Entry:
Graphical overlap support , 23.6% Fibonacci retracement and 78.6% Fibonacci projection
Take Profit: 1.29441
Reason for Take Profit:
Graphical swing high resistance
Stop Loss: 1.26172
Reason for Stop Loss:
Horizontal swing low support , 127.2% Fibonacci projection , 50% Fibonacci retracement
