On the H4 timeframe, price is abiding to the ascending channel, showing an overall bullish momentum. However, we can expect a short term bearish momentum from 1st resistance , in line with previous high and 100% Fibonacci projection and drop towards 1st Support in line with horizontal support, 61.8% Fibonacci projection and 61.8% Fibonacci retracement. Our bearish bias is further supported by stochastic where the %K line dropped from the resistance.
Trading Recommendation
Entry: 114.217
Reason for Entry:
Previous swing high and 100% Fibonacci projection
Take Profit: 113.462
Reason for Take Profit:
Horizontal support, 61.8% Fibonacci projection and 61.8% Fibonacci retracement
Stop Loss: 114.490
Reason for Stop Loss:
127.2% Fibonacci projection
