On the H4 timeframe, is abiding to the ascending channel on the daily, signifying an overall bullish momentum. We can now expect price to bounce from 1st Support in line with 78.6% Fibonacci retracement and 78.6% Fibonacci projection towards 1st Resistance in line with 61.8% Fibonacci projection and 61.8% Fibonacci retracement. Our bullish bias is further supported by the stochastic indicator where the %K line is at the support level.
Reason for Entry: 78.6% Fibonacci retracement and 78.6% Fibonacci projection
Take Profit: : 115.508
Reason for Take Profit: 61.8% Fibonacci projection and 61.8% Fibonacci retracement.
Stop Loss: 113.297
Reason for Stop Loss:
100% Fibonacci projection
*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.