On the H4 timeframe, price broke out of the ascending trendline support, signifying potential bearish momentum. We can expect price to drop from 1st Resistance in line with 23.6% Fibonacci retracement and graphical overlap resistance towards 1st Support in line with graphical overlap support, 100% Fibonacci projection and 161.8% Fibonacci extension. Our bearish bias is further supported by the RSI indicator abiding to the descending trendline resistance,
Trading Recommendation
Entry: 0.91899
Reason for Entry:23.6% fibonacci retracement and graphical overlap resistance
Take Profit: :0.91559
Reason for Take Profit:
graphical overlap support, 100% Fibonacci projection and 161.8% Fibonacci extension
Stop Loss: 0.92152
Reason for Stop Loss:
61.8% Fibonacci projection and 50% Fibonacci retracement
