On the H4 timeframe, prices are consolidating in an ascending triangle and are experiencing a squeeze. We see potential for prices to bounce from our 1st support at 0.68211 in line with 78.6% Fibonacci extension towards our 1st resistance at 0.68676 in line with 61.8% and 127.2% Fibonacci extension. Our bias is further supported by the Ichimoku Clouds forecasting bullish momentum and also RSI showing bullish momentum. Alternatively, our stop loss will be placed at our 2nd support at 0.67886 in line with 127.2% Fibonacci extension.
Trading Recommendation
Entry: 0.68211
Reason for Entry:
78.6% Fibonacci extension
Take Profit: 0.68676
Reason for Take Profit:
61.8% and 127.2% Fibonacci extension
Stop Loss: 0.67886
Reason for Stop Loss:
127.2% Fibonacci extension
