On the H4 timeframe, price is near to the key pivot level and it is on a bullish momentum. We are expecting price to potentially rise from the 1st resistance level of 1.08183 which is in line with a horizontal pullback resistance towards the 2nd resistance level of 1.09368 which is in line with 38.2% Fibonacci retracement. Alternatively, price might drop to the 1st support level of 1.07627 which is in line with 61.8% Fibonacci projection.
Trading Recommendation
Entry: 1.08183
Reason for Entry:
Horizontal pullback resistance.
Take Profit: 1.09368
Reason for Take Profit:38.2% Fibonacci retracement.
Stop Loss: 1.07627
Reason for Stop Loss:
61.8% Fibonacci projection.
