On the H4, we can see price approaching the resistance on the stochastic indicator which indicates that price may do a short term reversal to 1st support at 1.16010 in line with the 50% Fibonacci retracement. With the overall bullish sentiment with the ascending channel, we may subsequently see price bounce off 1st support back to 1st resistance at 1.16401 in line with the 127.2% Fibonacci extension and the 61.8% Fibonacci retracement. Alternatively, we may see price break 1st resistance to 2nd resistance at 1.16664.
Trading Recommendation
Entry: 1.16401
Reason for Entry:
127.2% Fibonacci extension and the 61.8% Fibonacci retracement
Take Profit: 1.16010
Reason for Take Profit:
Horizontal overlap support and 50% Fibonacci retracement
Stop Loss: 1.16664
Reason for Stop Loss:
Horizontal overlap resistance and 38.2% Fibonacci retracement
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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