On the H4 timeframe, prices are abiding to our bullish channel. We see potential for a bounce from our 1st support at 0.74127 in line with 23.6% Fibonacci retracement and 78.6% Fibonacci extension towards our 1st resistance at 0.72163 in line with 61.8% Fibonacci extension and 38.2% FIbonacci retracement. Our bullish bias is further supported by Ichimoku clouds showing bullish momentum and RSI being at levels where bounces previously occurred. Alternatively, prices dip towards our 2nd support at 0.71019 in line with 100% Fibonacci retracement.
Trading Recommendation
Entry: 0.74127
Reason for Entry:
23.6% Fibonacci retracement and 78.6% Fibonacci extension
Take Profit: 0.72163115.354
Reason for Take Profit:
61.8% Fibonacci extension and 38.2% FIbonacci retracement
Stop Loss: 0.71019
Reason for Stop Loss:
100% Fibonacci retracement.
