On the H4 timeframe, prices are on bullish momentum and abiding by an ascending trendline support. We see the potential for a bounce from our 1st support at 124.175 in line with 23.6% Fibonacci retracement. A break from our intermediate resistance at 125.082 in line with 100% Fibonacci Projection will find prices climbing towards our 1st resistance at 125.947 in line with 127.2% Fibonacci Extension and also daily swing high. Prices are trading above our Ichimoku clouds, further supporting our bullish bias. Alternatively, our stop loss will be placed at 122.819 which is a graphical overlap and in line with 61.8% Fibonacci retracement.
Trading Recommendation
Entry: 124.175
Reason for Entry:
23.6% Fibonacci retracement
Take Profit: 125.947
Reason for Take Profit:127.2% Fibonacci Extension and also daily swing high
Stop Loss: 122.819Reason for Stop Loss:
61.8% Fibonacci retracement
