On the h4 chart , price has recently broken out from the descending trendline and is currently testing the price entry. If price were to break the 50% Fibonacci retracement level and 78.6% Fibonacci projection level, it can potentially go up to its take profit level of 0.93295 which is in line with Fibonacci projection level of 100% and retracement level of 61.8%.
Alternatively, if price were to break its first support of 1.36126 it can potentially dip towards the stop loss of 1.35593.
The Ichimoku cloud indicator shows that price is going to break out of the cloud and thus supporting our bullish momentum.
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.
Alternatively, if price were to break its first support of 1.36126 it can potentially dip towards the stop loss of 1.35593.
The Ichimoku cloud indicator shows that price is going to break out of the cloud and thus supporting our bullish momentum.
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.
Follow and Trade this analysis from your Charts. FXCM now Integrated with TradingView. Contact FXCM for more information.