13.01.2022 09:08 AM
On the H4, with price at the support of the stochastics, we have a bullish bias that price will rise to our 1st resistance at 1.26211 which is in line with horizontal overlap resistance and 61.8% Fibonacci retracement from 1st support at 1.24922, which is in line with horizontal swing low support and 161.8% Fibonacci extension level. Alternatively, price may break 1st support structure and head for 2nd support at 1.24159, which coincides with horizontal swing low support.
Trading Recommendation
Entry:1.26211
Reason for Entry:
Horizontal overlap resistance and 61.8% Fibonacci retracement
Take Profit: 1.24922
Reason for Take Profit:
Horizontal swing low support and 161.8% Fibonacci extension
Stop Loss: 1.24159
Reason for Stop Loss:
Horizontal swing low support
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