On the H4 timeframe, price is abiding to the ascending trendline support on the daily and descending trendline resistance on the H4 forming a potential triangle pattern. We can expect the price to bounce from 1st Support in line with 23.6% Fibonacci retracement to 1st Resistance in line with 161.8% Fibonacci projection and 50% Fibonacci retracement. Our short-term bullish bias is further supported by the stochastic indicator where the %K line is at the support level.
Reason for Entry:
23.6% Fibonacci retracement
Take Profit: 0.66665
Reason for Take Profit:
161.8% Fibonacci projection and 50% Fibonacci retracement
Stop Loss: 0.65605
Reason for Stop Loss:
Ascending trendline support on the daily
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.