On the H4 timeframe, price is now abiding to a descending trendline resistance, signifying bearish momentum. We can now expect price to make a drop from the 1st resistance in line with 61.8% Fibonacci retracement and 61.8 % Fibonacci projection towards the 1st Support in line with 78.6% Fibonacci projection and 78.6% Fibonacci retracement. Price is currently in the middle of the descending trendline resistance and ascending trendline support, hence traders should wait for the price to swing higher or lower before entering into the trade.
Trading Recommendation
Entry: 0.91690
Reason for Entry:
61.8% Fibonacci retracement and 61.8 % Fibonacci projection
Take Profit: 0.91690
Reason for Take Profit:
78.6 % Fibonacci projection
Stop Loss: 0.919325
Reason for Stop Loss:
100% FIbonacci projection and 78.6% Fibonacci retracement
