On the H4, we see the price is on bullish pressure. Price can potentially rise from 1st support level of 102.31 in line with 78.6% Fibonacci retracement and 61.8% Fibonacci projection towards the 1st resistance level of 114.65 in line with 38.2% Fibonacci retracement, with a graphical pullback resistance. Our bullish bias is supported by the stochastic indicator where price is trading at support level. Alternatively, price may break entry structure and head for our 2nd support level of 97.04 which is a graphical swing low support.
Trading Recommendation
Entry: 102.31
Reason for Entry:
78.6% Fibonacci retracement and 61.8% Fibonacci projection.Take Profit: 114.65
Reason for Take Profit:38.2% Fibonacci retracement.
Stop Loss: 97.04
Reason for Stop Loss:
Graphical swing low support.
