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04.02.2022 09:36 AM
On the H4 timeframe, price is abiding to the daily ascending channel signifying an overall bullish momentum. We can expect the price to bounce from 1st Support in line with 78.6% Fibonacci projection and 61.8% Fibonacci retracement towards 1st Resistance in line with 61.8% Fibonacci projection and previous swing high. Our bullish bias is further supported by the RSI indicator where it is at the support level.
Trading Recommendation
Entry: 0.91750
Reason for Entry:78.6% Fibonacci projection and 61.8% fibonacci retracement
Take Profit: : 0.93175
Reason for Take Profit: 61.8% Fibonacci projection and previous swing high
Stop Loss: 0.91420
Reason for Stop Loss:
100% Fibonacci projection and 78.6% Fibonacci retracement
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