On the H4, we can see that price is abiding to the descending trendline resistance, signifying a bearish momentum. However, we can expect price to make a small retracement and bounce from 1st Support in line with 61.8% Fibonacci projection towards the 1st Resistance in line with 61.8% Fibonacci projection. Our short-term bullish momentum is further supported by the stochastic indicator where the %K line would bounce from the support level.
Trading Recommendation
Entry: 0.72836
Reason for Entry:
61.8% Fibonacci projection
Take Profit: 0.73413
Reason for Take Profit:
61.8% Fibonacci projection
Stop Loss: 0.72530
Reason for Stop Loss:
78.6% Fibonacci projection
