On the H4 timeframe, price is now abiding to a descending trendline resistance, signifying bearish momentum. We can now expect price to make a bounce from 1st Support in line with 78.6% Fibonacci projection and 78.6% Fibonacci retracement towards 1st resistance in line with 78.6% Fibonacci projection. Our bullish bias is further supported by the stochastic indicator %K line where it touched the support.
Reason for Entry:78.6% Fibonacci projection and 78.6% Fibonacci retracement
Take Profit: 0.91690
Reason for Take Profit:78.6 % Fibonacci projection
Stop Loss: 0.90745
Reason for Stop Loss:
100% FIbonacci projectionThe material has been provided by InstaForex Company - www.instaforex.com