On the H4 chart, price has confirmed a bullish momentum breaking the previous high. We are bullish bias- Price is testing the first resistance at 139.373 where the previous swing high sits. If bullish momentum continues, it should bring price toward the second resistance at 140.596 where the 78.6% projection sits. Alternatively, if price reverse, it might pull back to test the first support at 136.455 where the 38.2% fibonacci retracement sits then subsequently the second support at 135.560 where the 50% retracement sits
Trading Recommendation
Entry: 138.421
Reason for Entry:
Pull back short entry, 61.8% projection
Take Profit: 140.596
Reason for Take Profit:78.6% projection
Stop Loss: 136.455
Reason for Stop Loss:
38.2% retracement
