On the H4 timeframe, price is near to the key support level. We expect price to potentially bounce from 1st support level of 1.05157 in line with 100% fibonacci retracement and -61.8% fibonacci expansion towards the 1st resistance level of 1.07585 in line with 50% fibonacci retracement. Alternatively, price might break through the key support level and trigger a dip towards the 2nd support level of 1.04659 which lines up with a previous horizontal swing low support and also 13 March 2015 low.

Trading Recommendation

Entry: 1.05157

Reason for Entry:

100% fibonacci retracement and -61.8% fibonacci expansion.

Take Profit: 1.07585

Reason for Take Profit:50% fibonacci retracement.

Stop Loss: 1.04659Reason for Stop Loss:

previous horizontal swing low support and also 13 March 2015 low.