On the H4, with price breaking the descending trendline, we have a bullish bias that price will continue to rise from the 1st support at 0.68786 at the swing low to the 1st resistance at 0.70674 in line with the swing high and 78.6% Fibonacci projection and 50% Fibonacci retracement. Alternatively, price may reverse off the 1st support and drop to the 2nd support at 0.68323 in line with the horizontal swing low and 61.8% Fibonacci projection.
Trading Recommendation
Entry: 0.68786
Reason for Entry:
Swing low Take Profit: 0.70674
Reason for Take Profit:Swing high and 78.6% Fibonacci projection and 50% Fibonacci retracement
Stop Loss: 0.68323
Reason for Stop Loss:Horizontal swing low and 61.8% Fibonacci projection.
