On the H4 timeframe, price broke out of the ascending trendline support, signifying a bearish momentum. However, we can expect price to make a small retracement from 1st Support in line with 78.6% Fibonacci projection towards 1st Resistance in line with 38.2% Fibonacci retracement and 100% Fibonacci projection. Our short-term bullish bias is further supported by the stochastic indicator where the %K line is abiding to the ascending trendline support.
Reason for Entry:
78.6% Fibonacci projection
Take Profit: 113.559
Reason for Take Profit:
38.2% Fibonacci retracement and 100% Fibonacci projection
Stop Loss: 112.372
Reason for Stop Loss:
127.2% Fibonacci retracement and 127.2% 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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