On the H4 timeframe, prices have recently broken out of our ascending trendline and are currently doing a retest. We see the potential for a bounce from our 1st support at 0.68418 in line with 127.2% Fibonacci extension towards our 1st resistance at 0.68630 in line with 61.8% Fibonacci extension. Our stop loss will be placed at 2nd support at 0.68211 in line with 38.2% Fibonacci retracement. Prices are still trading above ichimoku clouds, further supporting our bullish bias.
Trading Recommendation
Entry: 0.68418
Reason for Entry:
127.2% Fibonacci extension
Take Profit: 0.68630
Reason for Take Profit:
61.8% Fibonacci extension
Stop Loss: 0.68211
Reason for Stop Loss:
38.2% Fibonacci retracement
