On the H4, prices are at a swing low at 0.66830 in line with 161.8% Fibonacci projection. We see the potential for a bounce from our 1st support at 0.66830 in line with 161.8% projection towards our 1st resistance at 0.67349 in line with 100% Fibonacci retracement. RSI is at a level where bounces occurred previously. Alternatively, our stop loss will be placed at our 2nd support at 0.66286 in line with 200% Fibonacci Projection.
Trading Recommendation
Entry: 0.66830
Reason for Entry:
161.8% Fibonacci projection
Take Profit: 0.67349
Reason for Take Profit:
100% Fibonacci retracement
Stop Loss: 0.66286
Reason for Stop Loss:
200% Fibonacci Projection
