On the H4 timeframe, price is abiding by the ascending trendline. We see the potential for a bullish bounce from our 1st support level at 0.73294 in line with 61.8% Fibonacci retracement, 161.8% Fibonacci extension and -27.2% Fibonacci expansion towards our 1st resistance level at 0.74019 in line with 23.6% Fibonacci retracement. Alternatively, price might break through the key support level and continue to dip to 2nd support level of 0.72745 in line with 78.6% Fibonacci retracement and 78.6% Fibonacci projection.
Trading Recommendation
Entry: 0.73294
Reason for Entry: 61.8% Fibonacci retracement, 161.8% Fibonacci extension and -27.2% Fibonacci expansion.
Take Profit: : 0.74019
Reason for Take Profit: 23.6% Fibonacci retracement.
Stop Loss: 0.72745
Reason for Stop Loss:
78.6% Fibonacci retracement and 78.6% Fibonacci projection.
