On the H4 time frame, prices have recently broken out of our ascending trendline. We see the potential for a bounce from our 1st support at 0.67879 in line with 61.8% Fibonacci retracement towards our 1st resistance at 0.68222 in line with 61.8% Fibonacci extension. Our stop loss will be placed at 2nd support in line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension. Prices are still trading above Ichimoku clouds, further supporting our bias.
Trading Recommendation
Entry: 0.67879
Reason for Entry:
61.8% Fibonacci retracement
Take Profit: 0.68222
Reason for Take Profit:
61.8% Fibonacci extension
Stop Loss: 0.67599
Reason for Stop Loss:
61.8% Fibonacci retracement and 61.8% Fibonacci extension