On the H4, prices are on bullish momentum. We see the potential for a bounce from our 1st support at 1.30498 which is a graphical swing low and in line with 61.8 Fibonacci retracement towards our 1st resistance at 1.32249 which is an area of Fibonacci confluences. RSI is at levels where bounces previously occurred, further supporting our bullish bias. Alternatively, breaking the 1st support at 1.30498 in line with 61.8% Fibonacci retracement will call for further bearish continuation towards our 2nd support at 1.29941 in line with 78.6% Fibonacci retracement.
Trading Recommendation
Entry: 1.30498
Reason for Entry:
Graphical swing low and in line with 61.8 Fibonacci retracementTake Profit:1.32249
Reason for Take Profit:Area of Fibonacci confluences
Stop Loss: 1.29941
Reason for Stop Loss:
78.6% Fibonacci retracement
