On the H4 timeframe, price is moving towards the descending trendline. We have a bullish bias that price will rise from 1st support level of 1.27058 which lines up with 100% fibonacci projection towards the 1st resistance level of 1.29752 which lines up with 61.8% fibonacci projection. Alternatively, price might break the 1st support level and trigger a dip towards the 2nd support level of 1.26020 which lines up with -61.8% fibonacci expansion.
Trading Recommendation
Entry: 1.27058
Reason for Entry: 100% fibonacci projection
Take Profit: 1.29752
Reason for Take Profit: 61.8% fibonacci projection.
Stop Loss: 1.26020
Reason for Stop Loss:
-61.8% fibonacci expansion.
