On the H4 chart, price has confirmed a bullish momentum breaking the previous high. We are bullish bias- Price has broken the 139.373 levels where the previous swing high sits. If bullish momentum continues, it should bring price toward the first resistance at 140.582 where the 78.6% projection sits. Alternatively, if price reverse, it might pull back to test the intermediate support at 138.265 then the first support at 136.455 where the 38.2% fibonacci retracement sits then subsequently the second support at 135.560 where the 50% retracement sits
Trading Recommendation
Entry: 139.162
Reason for Entry:
Pull back long entry, 61.8% projection
Take Profit: 140.582
Reason for Take Profit:78.6% projectionStop Loss: 138.078
Reason for Stop Loss:
23.6% retracement