On the H4 timeframe, we can expect price to drop from the 1st Resistance in line with 100% Fibonacci projection, 78.6% Fibonacci retracement and horizontal resistance towards 1st Support in line with 78.6% Fibonacci retracement, 100% Fibonacci projection and horizontal support. Our short-term bearish momentum is further supported by the stochastic indicator where the %K line dropped when it approached the resistance level.
Trading Recommendation
Entry:0.92689
Reason for Entry:100% Fibonacci projection, 78.6% Fibonacci retracement and horizontal resistance
Take Profit: :0.91912
Reason for Take Profit:
78.6% Fibonacci retracement, 100% FIbonacci projection and horizontal support
Stop Loss: 0.92915
Reason for Stop Loss:
127.2% Fibonacci projection
