On the H4, price is reversing from the 2nd support and stoch is rising to the resistance, we can expect the price break the 1st resistance at 1.14120, which is in line with the 50% fibonacci retracement and overlap resistance and rise to the 2nd resistance at 1.16447, which is in line with the swing high. Alternatively, the price may drop to the 1st support at 1.12547, which is in line with the 61.8% fibonacci retracement. If the 1st support is broken, the 2nd support is at 1.11261, where the swing low is.
Trading Recommendation
Entry: 1.14120
Reason for Entry:
50% fibonacci retracement and overlap resistance
Take Profit: 1.16447
Reason for Take Profit:Swing high
Stop Loss:1.12547
Reason for Stop Loss:
61.8% fibonacci retracement
