On the H4, prices are at a key pivot. We see the potential for a bounce from our 1st support at 1.08891 which is an area of Fibonacci confluences towards our 1st resistance at 1.09896 in line with 38.2% Fibonacci retracement. RSI is on bullish momentum, further supporting our bullish bias. Alternatively, breaking our 1st support at 1.08891 might find prices dipping towards our 2nd support at 1.08443 which is our next graphical swing low.
Trading Recommendation
Entry: 1.08891
Reason for Entry:
Area of Fibonacci confluences
Take Profit: 1.09896
Reason for Take Profit:38.2% Fibonacci retracement
Stop Loss: 1.08443Reason for Stop Loss:
Graphical swing low