On the H4, price is still respecting the bullish channel and has failed to break the first support- we are bullish bias. Price has rebounded off the support level and is moving toward the first resistance at 110.698 levels where the previous swing high sits. Alternatively, price could pull back to test the first support at 109.323 where the 23.6% retracement sits then the second support at 108.007 where the 61.8% projection, 61.8% retracement and previous swing low sits.
Trading Recommendation
Entry: 108.007
Reason for Entry:
23.6% retracement, pull back buy entry
Take Profit: 110.698
Reason for Take Profit:Previous swing high, 127.2% extensionStop Loss: 108.007
Reason for Stop Loss:
61.8% projection, previous swing low
