On the H4, with prices breaking out of the ascending channel, we have a bearish bias that prices will drop to 1st support at 107.295 where the 38.2% fibonacci retracement is. Once there is downside confirmation of price breaking 1st support, we would expect bearish momentum to carry price to 2nd support at 105.770 in line with overlap support. Alternatively, price may rise back to the entry at 107.984 where the 23.6% fibonacci retracement is. Once price breaks the entry, we would expect bullish momentum to carry price to 2nd resistance at 109.245 where the swing high resistance is.
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Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.