On the H4, price is still respecting the bullish channel and has failed to break the first support- we are bullish bias. Price has bounced off the first support at 109.323 where the 23.6% retracement sits. If bullish momentum continues, it should bring price toward the first resistance at 110.698 levels where the 127.2% extension and previous swing high sits. Alternatively, it could break the first support to bring price to the second support at 108.007 where the 61.8% projection, 50% retracement and previous swing low sits
Trading Recommendation
Entry: 109.323
Reason for Entry:
Previous swing low, pull back buy entry
Take Profit: 110.698
Reason for Take Profit:Previous swing high, 127.2% extension
Stop Loss: 108.007
Reason for Stop Loss:
61.8% projection, previous swing low
