On the H4 timeframe, price is abiding to the descending trendline resistance, signifying bearish momentum. However, we can expect a short-term retracement, we can expect price to drop from the 1st Resistance in line with 78.6% Fibonacci retracement and 127.2% Fibonacci projection towards the 1st Support in line with 127.2% Fibonacci retracement and 100% Fibonacci projection. Our short-term bullish bounce is further supported by the stochastic indicator where the %K line is at the support level.
Trading Recommendation
Entry:0.64966
Reason for Entry:
127.2% Fibonacci retracement and 100% Fibonacci projection
Take Profit: 0.66015
Reason for Take Profit:
78.6% Fibonacci retracement and 127.2% Fibonacci projection
Stop Loss: 0.64729
Reason for Stop Loss:
161.8% Fibonacci retracement and 127.2% Fibonacci projection
