On the H4 timeframe, prices are at a pivot at 0.67455 in line with 38.2% Fibonacci retracement. We see the potential for a bounce from our 1st support at 0.66638 in line with 100% Fibonacci extension towards our 1st resistance at 0.67455 in line with 38.2% Fibonacci retracement. RSI is at a level where bounces occurred previously. Alternatively, our stop loss will be placed at our 2nd support at 0.66429 in line with 200% Fibonacci Projection and 127.2% Fibonacci extension.
Trading Recommendation
Entry: 0.66638
Reason for Entry:
100% Fibonacci extension
Take Profit: 0.67455
Reason for Take Profit:
38.2% Fibonacci retracement
Stop Loss: 0.66429
Reason for Stop Loss:
200% Fibonacci Projection and 127.2% Fibonacci extension
