On the H4, with price expected to reverse off the stochastics indicator, we have a bias that price will rise to our 1st resistance at 1.28829 in line with the 61.8% Fibonacci projection from our 1st support at 1.26909 in line with the horizontal swing low support and 61.8% Fibonacci projection. Alternatively, price may break 1st support structure and head for 2nd support at 1.26159 in line with the 127.2% Fibonacci extension.
Trading Recommendation
Entry: 1.26909
Reason for Entry:
Horizontal swing low support and 61.8% Fibonacci projection
Take Profit: 1.28829
Reason for Take Profit:Horizontal swing high resistance and 61.8% Fibonacci projection
Stop Loss: 1.26159
Reason for Stop Loss:
Horizontal swing low support and 127.2% Fibonacci extension
