Description:On the H4, with price expected to bounce off the stochastics indicator, we have a bullish bias that price will rise from our 1st support at 0.96315 where the horizontal pullback support and 78.6% Fibonacci retracement is to our 1st resistance at 0.98879 in line with the horizontal pullback resistance and 61.8% Fibonacci retracement. Alternatively, price may break structure and head for 2nd support where the horizontal swing low support is.
Trading Recommendation
Entry: 0.96315 Reason for Entry: Horizontal pullback support and 78.6% Fibonacci retracement
Take Profit: 0.98879Reason for Take Profit:Horizontal pullback resistance and 61.8% Fibonacci retracement
Stop Loss: 0.95497Reason for Stop Loss:Horizontal swing low support