On the H4, price is abiding by the ascending trendline and near 1st support level of 0.67377 in line with Fibonacci confluence (100% Fibonacci projection and 161.8% Fibonacci extension). Price can potentially bounce to the 1st resistance level of 0.68756 in line with 78.6% Fibonacci retracement. Our bullish bias is supported by the stochastic indicator as it is near support level. Alternatively, price can potentially slump to the 2nd support level of 0.66575 in line with 78.6% Fibonacci projection.
Trading Recommendation
Entry: 0.67377
Reason for Entry: 100% Fibonacci projection and 161.8% Fibonacci extension.
Take Profit: : 0.72834
Reason for Take Profit: 78.6% Fibonacci retracement.
Stop Loss: 0.70950
Reason for Stop Loss:
78.6% Fibonacci projection and previous graphical swing low
