On the H4, with stochastics bouncing off support, we are expecting to see price climb to 1st resistance at 1.23830 in line with the graphical overlap resistance from 1st support at 1.23423 in line with the 50% Fibonacci retracement and confluent to our graphical overlap support. Price may even break 1st resistance and head for 2nd resistance at 1.24018 in line with the 78.6% Fibonacci retracement. Alternatively, it may break 1st support and head for 2nd support at 1.23195 in line with 78.6% Fibonacci retracement and horizontal swing low support.
Reason for Entry:
50% Fibonacci retracement and Graphical overlap support
Reason for Take Profit:
Graphical overlap resistance
Reason for Stop Loss:
78.6% Fibonacci retracement and Horizontal swing low support.The material has been provided by InstaForex Company - www.instaforex.com