On the H4 timeframe, price broke out of the ascending trendline support, signifying a bearish momentum. We can expect the price to drop from 1st Resistance in line with 38.2% Fibonacci retracement to the 1st Support in line with 127.7% Fibonacci projection, horizontal support and 100% Fibonacci projection. Our bearish bias is further supported by the RSI indicator where it is abiding to the descending trendline resistance.
Trading Recommendation
Entry:113.771
Reason for Entry:
38.2% Fibonacci retracement, horizontal resistance
Take Profit: 112.740
Reason for Take Profit:
Horizontal support,100% Fibonacci projection and 127.2% Fibonacci extension
Stop Loss: 114.057
Reason for Stop Loss:
50% Fibonacci retracement
