On the H4 timeframe, prices is trading in an ascending channel and is near 1st support level of 0.67793 which is also 100% Fibonacci projection and 78.6% Fibonacci retracement. Price can potentially go to the 1st resistance level of 0.68896 which is the graphical swing high level. Our bullish bias is supported by the stochastic indicator as it is near support level. Alternatively if price were to break the 1st support level, it can potentially go to the 2nd support level of 0.76415 which is 127.2% Fibonacci projection and 78.6% Fibonacci retracement.
Trading Recommendation
Entry: 0.67793
Reason for Entry:
100% Fibonacci projection and 78.6% Fibonacci retracement
Take Profit: 0.68896
Reason for Take Profit:
Graphical swing high
Stop Loss: 0.67415
Reason for Stop Loss:
127.2% Fibonacci projection and 78.6% Fibonacci retracement
