On the H4 timeframe, price is abiding by the ascending trendline. We see the potential for bullish bounce from our 1st support at 0.73625 in line with 61.8% Fibonacci retracement and 100% Fibonacci projection towards our 1st resistance at 0.74756 which is in line with 38.2% Fibonacci retracement. Alternatively, price might break through the key support level and head towards the 2nd support level of 0.72848 which lines up with 78.6% Fibonacci retracement.
Trading Recommendation
Entry: 0.73625
Reason for Entry: 61.8% Fibonacci retracement and 100% Fibonacci projection.
Take Profit: : 0.74756
Reason for Take Profit: 38.2% Fibonacci retracement.
Stop Loss: 0.72848
Reason for Stop Loss:
78.6% Fibonacci retracement.
