On the H4, with price expected to reverse off the resistance on the stochastics indicator and the a graphical horizontal level, we have a bearish bias that price will dip to 1st support at 1.26444 in line with the graphical overlap support and possibly to 2nd support at 1.25968 in line with the graphical overlap support from 1st resistance at 1.27244 in line with the horizontal overlap resistance and 100% Fibonacci projection level. Alternatively, we may see price break 1st resistance structure and head for 2nd resistance at 1.27696 in line with the 78.6% Fibonacci retracement level and horizontal swing high resistance.
Trading Recommendation
Entry: 1.27244
Reason for Entry:
Horizontal overlap resistance and 100% Fibonacci projection level
Take Profit: 1.26444
Reason for Take Profit:
Graphical overlap support
Stop Loss: 1.27696
Reason for Stop Loss:
Horizontal swing high resistance and 78.6% Fibonacci retracement level
