On the H4 timeframe, price is near to the key support level. We see the potential of bullish bounce from 1st support level of 0.65852 in line up with 138.2% fibonacci extension and 61.8% fibonacci retracement towards the 1st resistance level of 0.66660 in line with 23.6% fibonacci retracement and 78.6% fibonacci projection. Alternatively, price might break through the key support level and trigger a dip towards the 2nd support level of 0.65385 which lines up with 78.6% fibonacci projection, 161.8% fibonacci extension and -61.8% fibonacci expansion.
Trading Recommendation
Entry: 0.65852
Reason for Entry:
138.2% fibonacci extension and 61.8% fibonacci retracement.
Take Profit: 0.66660
Reason for Take Profit:23.6% fibonacci retracement and 78.6% fibonacci projection.Stop Loss: 0.65385Reason for Stop Loss:
78.6% fibonacci projection, 161.8% fibonacci extension and -61.8% fibonacci expansion.
