On the H4 time frame, with price above the moving average , we have a bullish bias that price will rise from 1st support at 1.27620 which is also 78.6% Fibonacci projection and 61.8% Fibonacci retracement to 1st resistance of 1.29400 which is also the graphical swing high resistance. Alternatively our stop loss is placed at 2nd support level which is also 61.8% Fibonacci projection and 50% Fibonacci retracement.
Trading Recommendation
Entry: 1.27620
Reason for Entry:
Graphical overlap support , 61.8% Fibonacci retracement and 78.6% Fibonacci projection
Take Profit: 1.29400
Reason for Take Profit:
Graphical swing high resistance
Stop Loss: 1.26169
Reason for Stop Loss:
Horizontal swing low support , 61.8% Fibonacci projection , 50% Fibonacci retracement
