On the H4 timeframe, price is abiding by the ascending trendline. We see the potential for a bullish continuation from our 1st support level at 0.74272 in line with 50% Fibonacci retracement towards our 1st resistance level at 0.75338 in line with 50% Fibonacci retracement and 61.8% Fibonacci projection. Our bullish bias is supported by the stochastic indicator where price is trading at support level. Alternatively, price can potentially drop to the 2nd support level at 0.73633 in line with 61.8% Fibonacci retracement and 161.8% Fibonacci extension.
Trading Recommendation
Entry: 0.74272
Reason for Entry: 50% Fibonacci retracement.
Take Profit: :0.75338
Reason for Take Profit: 50% Fibonacci retracement and 61.8% Fibonacci projection.
Stop Loss: 0.73633
Reason for Stop Loss:
61.8% Fibonacci retracement and 161.8% Fibonacci extension.
