On the H4, price has broken out of the descending trendline resistance, signifying bullish momentum. We can expect price to bounce from 1st Support in line with 23.6% Fibonacci retracement towards 1st Resistance in line with 61.8% Fibonacci projection and 61.8% Fibonacci retracement. Our bullish bias is further supported by the EMA period 50 acting as a support.
Reason for Entry:
23.6% FIbonacci retracement
Take Profit: 0.72303
Reason for Take Profit:
61.8% Fibonacci projection and 61.8% Fibonacci retracement
Stop Loss: 0.70957
Reason for Stop Loss:
50% Fibonacci retracement
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