On the H4, prices are on bullish momentum and abiding by our ascending trendline support. We see the potential for a bounce from our 1st support at 1.31580 which is a graphical swing low and in line with 161.8% Fibonacci Projection towards our 1st resistance at 1.32796 which is a graphical swing high and in line with 78.6% Fibonacci Projection. Prices are trading above our Ichimoku clouds, further supporting our bullish bias. Alternatively, breaking the 1st support will call for a bearish dip towards our 2nd support at 1.31193 which was a graphical swing low and in line with 200% Fibonacci Projection.
Trading Recommendation
Entry: 1.31580
Reason for Entry:
Graphical swing low and in line with 161.8% Fibonacci ProjectionTake Profit: 1.32796
Reason for Take Profit:
Graphical swing high and in line with 78.6% Fibonacci Projection
Stop Loss: 1.312
Reason for Stop Loss:
Graphical swing low and in line with 200% Fibonacci Projection.
