On the H4, we can see that price abiding to the ascending channel on the daily and descending trendline on the H4. We can expect price to make a bounce from 1st Support in line with 78.6% Fibonacci projection, 78.6% Fibonacci retracement and ascending channel support towards the 1st Resistance in line with 61.8% Fibonacci projection and 50% Fibonacci retracement. Our bullish bias is further supported by stochastic indicator where the %K line is at the support level awaiting for a bounce.
Reason for Entry: 78.6% Fibonacci projection, 78.6% Fibonacci retracement and ascending channel support
Take Profit: 0.73316
Reason for Take Profit:
78.6% Fibonacci projection and 23.6% Fibonacci retracement
Stop Loss: 0.72256
Reason for Stop Loss:
100% Fibonacci projectionThe material has been provided by InstaForex Company - www.instaforex.com