On the H4, price is on a bullish momentum. We are expecting price to potentially rise from the 1st support level of 105.42 which is line with 78.6% fibonacci retracement and 100% fibonacci projection towards the 1st resistance level of 114.42 which is in line with 38.2% fibonacci retracement and 100% fibonacci projection. Alternatively, price might break 1st support level and trigger a dip towards the 2nd support level of 101.77 which is in line with 127.2% fibonacci extension.
Trading Recommendation
Entry: 105.42
Reason for Entry:
78.6% fibonacci retracement and 100% fibonacci projection
Take Profit: 114.42
Reason for Take Profit:38.2% fibonacci retracement and 100% fibonacci projection
Stop Loss: 101.77
Reason for Stop Loss:
127.2% fibonacci extension.
