On the H4 timeframe, price is near to the key pivot level. We see the potential for a bullish bounce from our 1st support level of 1.07903 in line with 161.8% Fibonacci extension and 100% Fibonacci projection towards our 1st resistance level of 1.09237 in line with 38.2% Fibonacci retracement. Alternatively, if price breaks through the key support level, it might continue to drop to 2nd support level of 1.07271 in line with previous horizontal swing low support.
Trading Recommendation
Entry: 1.07903
Reason for Entry:
161.8% Fibonacci extension and 100% Fibonacci projection.
Take Profit: 1.09237
Reason for Take Profit:38.2% Fibonacci retracement.
Stop Loss: 1.07271
Reason for Stop Loss:
Previous horizontal swing low support.
