On the H4 timeframe, is abiding to the ascending channel on the daily, signifying an overall bullish momentum. We can now expect price to push higher from 1st Support in line with 23.6% Fibonacci retracement and graphical overlap support towards 1st Resistance in line with 61.8% Fibonacci projection and 61.8% Fibonacci retracement. Our bullish bias is further supported by the MACD indicator where the MACD line crossed above the signal line and both lines are in the oversold area.
Reason for Entry:Graphical overlap support, 23.6% Fibonacci retracement
Take Profit: : 115.508
Reason for Take Profit:61.58% FIbonacci retracement and 61.8% FIbonacci projection
Stop Loss: 113.921
Reason for Stop Loss:
78.6 Fibonacci projection, 61.8% Fibonacci retracement
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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