On the H4 chart, price has confirmed a bullish momentum breaking the previous high. We are bullish bias- Price has tested the first resistance and pulled back slightly. If bullish momentum continues, it should bring price to 144.906 where the 161.8% extension sits. Alternatively, if price reverses, it might pull back to test the first support at 141.652 where the 23.6% retracement sits then the second support at 139.349 where the 38.2% retracement and overlapping support sits
Trading Recommendation
Entry: 141.652
Reason for Entry:
23.6% retracement
Take Profit: 144.906
Reason for Take Profit:
161.8% fibonacci extension
Stop Loss: 139.349
Reason for Stop Loss:
Previous swing high 38.2% retracement
