On the H4, with the price moving within the trendline, the price may rise from the 1st support at 0.98810, which is in line with the 38.2% fibonacci retracement and overlap support to the 1st resistance at 1.00914, which is in line with the previous swing high. Alternatively, the price may drop to the 2nd support at 0.97528, where the 61.8% fibonacci retracement and overlap support are.
Trading Recommendation
Entry: 0.98810
Reason for Entry:
38.2% fibonacci retracement and overlap support
Take Profit: 1.00914
Reason for Take Profit:Previous swing high
Stop Loss: 0.97528
Reason for Stop Loss:
61.8% fibonacci retracement and overlap support
The material has been provided by InstaForex Company – www.instaforex.com
