On the H4, price is reacting in an ascending channel, signifying bullish momentum. However, price is currently at a resistance, we can expect price to drop from 1st Resistance in line with 127.2% Fibonacci projection and -27.2% Fibonacci Extension towards 1st Support in line with 100% Fibonacci projection and 78.6% Fibonacci retracement. Our short-term bearish bias is further supported by the stochastic indicator where the %K line is at the resistance level.
Trading Recommendation
Entry: 0.72496
Reason for Entry:
127.2% Fibonacci projection and -27.2% Fibonacci Extension
Take Profit: :0.71203
Reason for Take Profit:
100% Fibonacci projection and 78.6% Fibonacci retracement
Stop Loss: 0.73206
Reason for Stop Loss:
-61.8% Fibonacci extension and 161.8% Fibonacci projection
