On the H4 timeframe, prices are on bullish momentum. We see the potential for further bullish momentum from our 1st support at 115.780 in line with 23.6% Fibonacci retracement and 100% Fibonacci extension towards our 1st resistance at 116.322 in line with 161.8% Fibonacci extension and 161.8% Fibonacci Projection. Our bullish bias is further supported by prices trading above our Ichimoku cloud support. Alternatively, prices may dip towards our 2nd support at 115.565 in line with 38.2% Fibonacci retracement.
Trading Recommendation
Entry: 115.780
Reason for Entry:
23.6% Fibonacci retracement and 100% Fibonacci extension
Take Profit: 116.322
Reason for Take Profit:
161.8% Fibonacci extension and 161.8% Fibonacci ProjectionStop Loss: 115.565
Reason for Stop Loss:
38.2% Fibonacci retracement