On the H4, prices are on a bearish momentum and consolidating in a bearish channel. With RSI at a level where dips previously occurred, we see a potential dip from our 1st resistance at 0.68182 in line with 78.6% Fibonacci retracement and 78.6% Fibonacci extension towards our 1st support at 0.67609 in line with 50% Fibonacci retracement. Alternatively, our stop loss will be placed at 2nd resistance at 0.68676 in line with 127.2% Fibonacci retracement and 127.2% Fibonacci extension.
Trading Recommendation
Entry: 0.68182
Reason for Entry:
78.6% Fibonacci retracement and 78.6% Fibonacci extension
Take Profit: 0.67609
Reason for Take Profit:
50% Fibonacci retracement
Stop Loss: 0.68676
Reason for Stop Loss:
127.2% Fibonacci retracement and 127.2% Fibonacci extension
