On the H4 timeframe, is abiding to the ascending channel on the daily, signifying an overall bullish momentum. We can now expect price to bounce from 1st Support in line with daily support, 78.6% Fibonacci retracement and 100% Fibonacci projection towards 1st Resistance in line with 100% Fibonacci projection and 61.8% Fibonacci retracement. Our bullish bias is further supported by the stochastic indicator where the %K line is at the support level.
Trading Recommendation
Entry: 113.484
Reason for Entry:
Daily support, 78.6% Fibonacci retracement and 100% FIbonacci projection
Take Profit: : 115.508
Reason for Take Profit:100% Fibonacci projection and 61.8% Fibonacci retracement
Stop Loss: 112.598
Reason for Stop Loss:
127.2% Fibonacci projection
