On the H4, prices are on a bearish momentum. With RSI at a level where dips previously occurred, we see a potential dip from our 1st resistance at 0.67726 in line with 50% Fibonacci retracement and 61.8% Fibonacci extension towards our 1st support at 0.67263 in line with 61.8% Fibonacci extension. Prices are also facing resistance within the Ichimoku Clouds, supporting our bearish bias. Alternatively, breaking our 1st resistance may find prices climbing higher towards our 2nd resistance at 0.68069 in line with 78.6% Fibonacci retracement and 78.6% Fibonacci extension.
Trading Recommendation
Entry: 0.67726
Reason for Entry:
50% Fibonacci retracement and 61.8% Fibonacci extension
Take Profit: 0.67263
Reason for Take Profit:
61.8% Fibonacci extension
Stop Loss: 0.68069
Reason for Stop Loss:
78.6% Fibonacci retracement and 78.6% Fibonacci extension
