On the H4 timeframe, prices are on bullish momentum. We see the potential for a further bullish continuation from our 1st support at 118.398 in line with 50% Fibonacci retracement towards our 1st resistance at 119.238 in line with 61.8% Fibonacci expansion. Prices are trading above our Ichimoku cloud support, further supporting our bullish bias. Alternatively, prices may dip to our 2nd support at 118.169 in line with 61.8% Fibonacci retracement.
Trading Recommendation
Entry: 118.398
Reason for Entry:
50% Fibonacci retracementTake Profit: 119.238
Reason for Take Profit:
61.8% Fibonacci expansion
Stop Loss: 118.169
Reason for Stop Loss:
61.8% Fibonacci retracement
