On the H4, with price expected to bounce off the support of the stochastics indicator, we have a bias that price will rise to our 1st resistance at 0.93001 in line with the 50% Fibonacci retracement from our 1st support at 0.92270 in line with the horizontal overlap support and 127.2% Fibonacci extension. Alternatively, price may break 1st support structure and head for 2nd support at 0.91630 in line with the swing low support.
Trading Recommendation
Entry: 0.93001
Reason for Entry: Horizontal pullback resistance and 50% Fibonacci retracement
Take Profit: : 0.92270
Reason for Take Profit: Horizontal overlap support and 127.2% Fibonacci extension
Stop Loss: 0.91630
Reason for Stop Loss:
Horizontal swing low support
