On the H4 timeframe, prices are at a daily support and strong graphical overlap. We see potential for prices to bounce from our 1st support at 0.68588 in line with 23.6% Fibonacci retracement towards our 1st resistance at 0.68815 in line with 78.6% Fibonacci extension. Our bias is further supported by the Ichimoku Clouds forecasting bullish momentum and also RSI portraying an upward trend. If prices break our 1st support, we can potentially find prices dipping towards our 2nd support at 0.68324 in line with 61.8% Fibonacci retracement.
Trading Recommendation
Entry: 0.68588
Reason for Entry:
23.6% Fibonacci retracement
Take Profit: 0.68815
Reason for Take Profit:
78.6% Fibonacci extension
Stop Loss: 0.68324
Reason for Stop Loss:
61.8% Fibonacci retracement