On the H4 timeframe, price broke out of the ascending trendline support, signifying an overall bearish momentum. However, we can expect price to make a short-term retracement from 1st Support in line with graphical overlap support and 50% Fibonacci retracement towards 1st Resistance in line with 78.6% Fibonacci projection and 38.2% Fibonacci retracement. Our short-term bullish bounce is further supported by the stochastic indicator where the %K line is approaching the support level.

Trading Recommendation

Entry:0.92272

Reason for Entry:

graphical overlap support and 50% Fibonacci retracement

Take Profit: 0.92713

Reason for Take Profit:

78.6% Fibonacci projection and 38.2% Fibonacci retracement

Stop Loss: 0.92038

Reason for Stop Loss:

61.8% Fibonacci retracement