On the H4, price has broken out of the descending trendline resistance, signifying bullish momentum. We can expect price to bounce from 1st Support in line with 23.6% Fibonacci retracement towards 1st Resistance in line with 61.8% Fibonacci projection and 61.8% Fibonacci retracement. Our bullish bias is further supported by the EMA period 50 acting as a support. Trading Recommendation Entry:0.71247 Reason for Entry: 23.6% FIbonacci retracement Take Profit: 0.72303 Reason for Take Profit: 61.8% Fibonacci projection and 61.8% Fibonacci retracement Stop Loss: 0.70957 Reason for Stop Loss: 50% Fibonacci retracement *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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