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 0.67563 in line with 78.6% Fibonacci retracement towards our 1st resistance at 0.68098 in line with 38.2% Fibonacci retracement. RSI are at levels where bounces previously occurred, further supporting our bullish bias. Alternatively, if prices break our 1st support, we see the potential for prices to dip towards our stop loss at 0.67332 in line with 100% Fibonacci retracement and bottom edge of ascending channel.
Trading Recommendation
Entry: 0.67563
Reason for Entry:
78.6% Fibonacci retracement
Take Profit: 0.6809
Reason for Take Profit:
38.2% Fibonacci retracement
Stop Loss: 0.67332
Reason for Stop Loss:
100% Fibonacci retracement and bottom edge of ascending channel
