On the H4, with the MACD showing a bullish momentum, we have a bullish bias that price will rise to our 1st resistance at 7.99307 in line with the horizontal swing high resistance from our 1st support at 7.26982 in line with the horizontal swing low support and 61.8% Fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support at 6.65266 where the horizontal swing low support and 50% Fibonacci retracement are.
Trading Recommendation
Entry: 7.26982
Reason for Entry:
Horizontal swing low support and 61.8% Fibonacci retracementTake Profit: 7.99307
Reason for Take Profit: Horizontal swing high resistanceStop Loss: 6.65266
Reason for Stop Loss:
Horizontal swing low support and 50% Fibonacci retracement
