On the H4 timeframe, we can see that price have broken out of the descending trendline resistance, signifying a bullish momentum. We can expect the price to bounce from 1st Support in line with 38.2% Fibonacci retracement and 78.6% Fibonacci projection towards 1st Resistance in line with 78.6% Fibonacci retracement and 161.8% Fibonacci projection. Our bullish bias is further supported by the RSI indicator where it is abiding to the ascending trendline.
Reason for Entry:
387.2% Fibonacci retracement and 78.6% FIbonacci projection
Take Profit: 0.92487
Reason for Take Profit:
78.6% Fibonacci retracement and 161.8% Fibonacci Projection
Stop Loss: 0.91711
Reason for Stop Loss:
50% Fibonacci retracement and 100% Fibonacci projection
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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