On the H4, prices are on bullish momentum and consolidating in a wedge pattern. We see the potential for further bullish movement from our 1st support at 0.67892 in line with 61.8% Fibonacci extension and 61.8% Fibonacci retracement towards our 1st resistance at 0.68569 in line with 127.2% Fibonacci extension and 100% Fibonacci extension. Prices are trading above our MA and also within the area of ichimoku clouds, further supporting our bullish bias. Alternatively, our stop loss will be placed at 2nd support at 0.67395 in line with 100% Fibonacci extension.
Trading Recommendation
Entry: 0.67892
Reason for Entry:
61.8% Fibonacci extension and 61.8% Fibonacci retracement
Take Profit: 0.68569
Reason for Take Profit:
127.2% Fibonacci extension and 100% Fibonacci extension
Stop Loss: 0.67395
Reason for Stop Loss:
100% Fibonacci extension
