On the H4 timeframe, prices have recently experienced a trend reversal and are on bullish momentum. We see the potential for a bounce from our 1st support at 0.68075 in line with 23.6% Fibonacci retracement towards our 1st resistance at 0.68413 in line with 100% Fibonacci retracement and 127% Fibonacci extension. Ichimoku clouds and RSI are showing bullish momentum. Alternatively, our stop loss will be placed at 2nd support at 0.67889 in line with 38.2% Fibonacci retracement.
Trading Recommendation
Entry: 0.68075
Reason for Entry:
23.6% Fibonacci retracement
Take Profit: 0.68413
Reason for Take Profit:
100% Fibonacci retracement and 127% Fibonacci extension
Stop Loss: 0.67889
Reason for Stop Loss:
38.2% Fibonacci retracement
