On the H4 timeframe, price broke out of the ascending support, signifying an overall bearish momentum. We can expect price to drop from 1st Resistance in line with Graphical overlap resistance and 23.6% Fibonacci retracement towards 1st Support in line with 50% Fibonacci retracement and 127.2% FIbonacci projection. Our bearish bias is further supported by the MACD indicator where the signal line crosses above the MACD line.
Trading Recommendation
Entry:113.726
Reason for Entry:
Graphical overlap resistance and 23.6% Fibonacci retracement
Take Profit: 113.325
Reason for Take Profit:
50% Fibonacci retracement ,127.2% FIbonacci projection and horizontal graphical support
Stop Loss: 113.877
Reason for Stop Loss:
50% Fibonacci retracement
