On the H4 timeframe, prices are on bullish momentum and abiding to our ascending trendline. We see the potential for further bullish movement from our 1st support at 0.67919 in line with 127.2% Fibonacci extension and ascending trendline towards our 1st resistance at 0.68140 in line with 127.2% Fibonacci extension and 50% Fibonacci retracement. Technical indicators are showing momentum. Alternatively, breaking our 1st support may find prices dipping towards our 2nd support at 0.67715 in line with 61.8% and 161.8% Fibonacci Projection.
Trading Recommendation
Entry: 0.67919
Reason for Entry:
127.2% Fibonacci extension and ascending trendline
Take Profit: 0.68140
Reason for Take Profit:
127.2% Fibonacci extension and 50% Fibonacci retracement
Stop Loss: 0.67715
Reason for Stop Loss:
61.8% and 161.8% Fibonacci Projection
