On the H4 timeframe, prices are on bullish momentum. We see the potential for further bullish continuation from our 1st support at 117.422 in line with 38.2% Fibonacci retracement towards our 1st resistance at 119.145 in line with 200% Fibonacci projection and 161.8% Fibonacci projection. Prices are trading above our Ichimoku cloud support, further supporting our bullish bias. Alternatively, prices may dip towards our 2nd support at 116.350 in line with 61.8% Fibonacci retracement.
Trading Recommendation
Entry: 117.422
Reason for Entry:
38.2% Fibonacci retracement
Take Profit: 119.145
Reason for Take Profit:
200% Fibonacci projection and 161.8% Fibonacci projection
Stop Loss: 116.350
Reason for Stop Loss:
61.8% Fibonacci retracement