On the H4, price is still respecting the bullish channel and has failed to break the first support- we are bullish bias. Price is currently testing the first support at 109.323 where the 23.6% retracement sits. If bullish momentum continues, it should bring price toward the first resistance at 110.698 levels where the previous swing high sits. Alternatively, it could break the first support to bring price to the second support at 107.697 where the 78.6% projection, 50% retracement and previous swing low sits
Trading Recommendation
Entry: 109.323
Reason for Entry:
Previous swing low, pull back buy entry
Take Profit: 110.698
Reason for Take Profit:Previous swing high, 127.2% extension
Stop Loss: 107.677
Reason for Stop Loss:
50% retracement, previous swing low