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08.12.2021 07:14 AM
On the H4, with price approaching the support of the stochastics indicator, we have a bullish bias that price will rise from 1st support at 1.26227 in line with the graphical overlap support and 61.8% Fibonacci retracement to 1st resistance at 1.27310 in line with the graphical overlap resistance and possibly to 2nd resistance at 1.28397 in line with the horizontal swing high resistance. Alternatively, we may see price break 1st support structure and head for 2nd support at 1.24975 in line with the horizontal swing low support and 78.6% Fibonacci retracement.
Trading Recommendation
Entry: 1.26227
Reason for Entry:
Graphical overlap support and 61.8% Fibonacci retracement
Take Profit: 1.27310
Reason for Take Profit:
Graphical overlap resistance
Stop Loss: 1.24975
Reason for Stop Loss:
Horizontal swing low support and 78.6% Fibonacci retracement
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