On the H4, price is abiding by the ascending trendline. Price is near 1st support level of 0.68914 in line with 50% Fibonacci retracement. Price can potentially bounce to 1st resistance level of 0.70681 with a 61.8% Fibonacci projection. Our bullish bias is supported by price trading above the Ichimoku cloud indicator. Alternatively, price might continue to drop towards the 2nd support level of 0.68481 which is in line with 61.8% Fibonacci retracement.
Trading Recommendation
Entry: 0.68914
Reason for Entry: 50% Fibonacci retracement.
Take Profit: : 0.7068
Reason for Take Profit: 61.8% Fibonacci projection.
Stop Loss: 0.68481
Reason for Stop Loss: 61.8% Fibonacci retracement.
