On the H4, prices are at a key pivot level. We see the potential for a bounce from our 1st support at 1.31947 which is a graphical overlap and an area of Fibonacci confluence towards our 1st support at 1.31947 towards our 1st resistance at 1.32983 in line with 61.8% Fibonacci projection. Prices are trading above our ichimoku clouds, further supporting our bullish bias. Alternatively, breaking the key graphical overlap will call for a bearish dip towards our 2nd support at 1.312 which was a graphical swing low and in line with 61.8% Fibonacci Retracement.
Trading Recommendation
Entry: 1.31947
Reason for Entry:
Graphical overlap and an area of Fibonacci confluenceTake Profit: 1.32983
Reason for Take Profit:
61.8% Fibonacci projectionStop Loss: 1.312
Reason for Stop Loss: Graphical swing low and in line with 61.8% Fibonacci Retracement
