On the H4, price is on an upwards trend and is expected to continue with its bullish momentum from 1st support at 1.23693 in line with the 38.2% and 50% Fibonacci retracement to 1st resistance at 1.24037 in line with the 127.2% Fibonacci extension and 100% Fibonacci projection levels. Alternatively, price may head to 2nd resistance from here at 1.23582 in line with our horizontal overlap support before continuing with its bullish momentum. Our bullish bias is further supported by the RSI showing an upwards trend.
Reason for Entry:
38.2% and 50% Fibonacci retracement, Graphical horizontal overlap support
Take Profit: 1.24037
Reason for Take Profit:
127.2% Fibonacci extension, 100% Fibonacci projection levels and Graphical horizontal swing high resistance
Reason for Stop Loss:Graphical horizontal overlap supportThe material has been provided by InstaForex Company - www.instaforex.com