On the H4, price is abiding to the descending trendline resistance, signifying bearish momentum. We can expect price to drop from 1st Resistance in line with 38.2% Fibonacci retracement and 127.2% Fibonacci projection towards 1st Support in line with 78.6% Fibonacci extension. Our bearish bias is further supported by the Ichimoku cloud indicator acting as a resistance.
Trading Recommendation
Entry:0.71247
Reason for Entry:
38.2% FIbonacci retracement and 127.2% Fibonacci projection
Take Profit: 0.69957
Reason for Take Profit:
78.6% Fibonacci projection
Stop Loss: 0.71702
Reason for Stop Loss:
161.8% Fibonacci projection
