On the H4 chart, price is trading in an ascending channel signifying an overall bullish momentum. We can expect price to bounce from 1st Support in line with 78.6% Fibonacci retracement and 100% Fibonacci projection towards 1st Resistance in line with 78.6% Fibonacci projection and previous swing high. Our bullish bias is further supported by the stochastic indicator where the %K line is at the support level.
Trading Recommendation
Entry: 114.025
Reason for Entry: 78.6% Fibonacci retracement and 100% Fibonacci projection
Take Profit: : 115.598
Reason for Take Profit: 78.6% FIbonacci projection and previous swing high
Stop Loss: 113.512
Reason for Stop Loss:
Horizontal support
