On the H4 timeframe, prices are on bullish momentum. We see the potential for further bullish momentum from our 1st support at 115.780 in line with 23.6% Fibonacci retracement and 100% Fibonacci extension towards our 1st resistance at 116.194 in line with 127.2% Fibonacci extension. Our bullish bias is further supported by prices trading above our ichimoku cloud support and also RSI being on bullish momentum. Alternatively, prices may dip towards our 2nd support at 115.551 in line with 38.2% Fibonacci retracement.
Trading Recommendation
Entry: 115.780
Reason for Entry:
23.6% Fibonacci retracement and 100% Fibonacci extensionTake Profit: 116.194
Reason for Take Profit:
127.2% Fibonacci extension
Stop Loss: 115.551
Reason for Stop Loss:
38.2% Fibonacci retracement
