On the H4 timeframe, prices are consolidating in a parallel channel and on bearish momentum. We see the potential for a bullish bounce from our 1st support at 0.67151 in line with 161.8% Fibonacci projection and 78.6% Fibonacci Retracement which is a graphical swing low and in line with our parallel channel towards our 1st resistance at 0.67762 in line with 38.2% Fibonacci retracement. RSI is at levels where bounces occurred previously, further supporting our bullish bias. Alternatively, our stop loss will be placed at 0.66773 in line with 100% Fibonacci extension.
Trading Recommendation
Entry: 0.67151
Reason for Entry:
161.8% Fibonacci projection and 78.6% Fibonacci Retracement, graphical swing low and in line with our parallel channel
Take Profit: 0.67762
Reason for Take Profit:
38.2% Fibonacci retracement
Stop Loss: 0.66773
Reason for Stop Loss:
100% Fibonacci extension
