On the H4 time frame, prices have bounced off the support level and are moving in an ascending manner, we are slightly bullish. Price is moving toward the first resistance at 1.00473, where the 78.6% retracement and overlap resistance sits. If it breaks this level, its bullish momentum will bring price to second resistance at 1.01946 where the previous swing high sits. Alternatively, price could pull back to test the first support at 0.99076, where the 38.2% retracement sits, then the second support at 0.97507 where the 138.2% extension sits.
Trading Recommendation
Entry: 0.9907
Reason for Entry:
Pullback buy entry 50% retracement
Take Profit: 1.0047
Reason for Take Profit:78.6% fibonacci retracement
Stop Loss: 0.9750
Reason for Stop Loss:Previous swing low and 38.2% retracement
