Looking at the H4 chart, my 1st resistance level is 104.61, which is overlap resistance. If the price were to reverse from here, it could potentially drop to our 1st support at 103.76 along with the 38.20% Fibonacci retracement, and the next support level is at 102.58 with the 61.8% Fibonacci retracement.
As for the stop loss, it is recommended to place it slightly above the recent swing high at 105.47. This could help minimize the risk in case the price moves against the expected direction.
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As for the stop loss, it is recommended to place it slightly above the recent swing high at 105.47. This could help minimize the risk in case the price moves against the expected direction.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
