On the H4 timeframe, price is near to the key support level and is on a bullish pressure. We expect a potential bullish bounce from 1st support level of 1.08308 which is in line with 61.8% fibonacci retracement and 78.6% fibonacci projection towards the 1st resistance level of 1.09226 which is in line with a horizontal swing high resistance. Alternatively, price might break through the key support level and drop towards the 2nd support level of 1.07721 which is in line with 100% fibonacci projection.
Trading Recommendation
Entry: 1.08308
Reason for Entry:
61.8% fibonacci retracement and 78.6% fibonacci projection.Take Profit: 1.09226
Reason for Take Profit:Horizontal swing high resistance.
Stop Loss: 1.07721
Reason for Stop Loss:
100% fibonacci projection.
