On the H4, price is abiding by the ascending trendline and near 1st support level of 0.71687 in line with Fibonacci confluence (100% Fibonacci projection, 78.6% Fibonacci retracement and 161.8% Fibonacci extension). Price can potentially bounce to the 1st resistance level of 0.72834 in line with 61.8% Fibonacci retracement and 100% Fibonacci projection. Our bullish bias is supported by the stochastic indicator as it is near support level. Alternatively, price can potentially slump to the 2nd support level of 0.70950 in line with 100% Fibonacci projection.
Trading Recommendation
Entry: 0.71687
Reason for Entry: Fibonacci confluence (100% Fibonacci projection, 78.6% Fibonacci retracement and 161.8% Fibonacci extension) and graphical pullback support.
Take Profit: : 0.72834
Reason for Take Profit: 61.8% Fibonacci retracement and 100% Fibonacci projection
Stop Loss: 0.70950
Reason for Stop Loss:
100% Fibonacci projection and previous graphical swing high