On the H4 timeframe, prices are consolidating in an ascending channel and on bullish momentum. We see the potential for a bounce from our 1st support at 0.6799 in line with 61.8% Fibonacci retracement and 100% Fibonacci extension towards our 1st resistance at 0.68306 in line with 50% Fibonacci retracement. Prices are trading above our MA 200 and MA 50, and also Ichimoku clouds, further supporting our bullish bias. Alternatively, if prices break our 1st support, we see the potential for prices to dip towards our 2nd support at 0.67500 in line with 127.2% Fibonacci extension.
Trading Recommendation
Entry: 0.6799
Reason for Entry:
61.8% Fibonacci retracement and 100% Fibonacci extension
Take Profit: 0.68306
Reason for Take Profit:
50% Fibonacci retracement
Stop Loss: 0.67500
Reason for Stop Loss:
127.2% Fibonacci extension
