On the H4, with price expected to bounce off stochastic indicator, we have a bullish bias that price will rise from our 1st support at 131.607 where the horizontal swing low support, 78.6% fibonacci projection and 50% fibonacci retracement are to our 1st resistance at 135.536 in line with the swing high resistance and 61.8% fibonacci projection. Alternatively, price may break 1st support structure and head for 2nd support at 129.619 where the horizontal overlap support and 61.8% fibonacci retracement are.
Trading Recommendation
Entry: 131.607
Reason for Entry:
Horizontal swing low support, 78.6% fibonacci projection and 50% fibonacci retracement
Take Profit: 135.536
Reason for Take Profit:Swing high resistance and 61.8% fibonacci projectionStop Loss: 129.619
Reason for Stop Loss:
Horizontal overlap support and 61.8% fibonacci retracement
