On the H4, price is reacting within the ascending channel, signifying an overall bullish momentum. Price is approaching the 1st Support, we can expect to see price make a bullish bounce from 1st Support in line with 100% Fibonacci projection, 78.6% Fibonacci retracement and ascending channel support towards 1st Resistance in line with previous swing high and 78.6% Fibonacci projection. Our short-term bearish bias is further supported by the RSI indicator where it is approaching the support level.
Trading Recommendation
Entry: 0.71724
Reason for Entry:
100% Fibonacci projection, 78.6% Fibonacci retracement and ascending channel support
Take Profit: : 0.73091
Reason for Take Profit:Previous swing high and 78.6% Fibonacci projection
Stop Loss: 0.71369
Reason for Stop Loss:
127.2% Fibonacci projection, previous swing low
