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 and drop from 1st resistance in line with graphical overlap resistance and 127.2% Fibonacci projection towards 1st Support in line with graphical overlap support, 61.8% Fibonacci projection and 38.2% Fibonacci retracement. Our bearish bias is further supported by stochastic where the %K line dropped from the resistance.
Trading Recommendation
Entry: 115.175
Reason for Entry:Graphical overlap resistance and 127.2% Fibonacci projection
Take Profit: :114.418
Reason for Take Profit:
Graphical overlap support, 61.8% Fibonacci projection and 38.2% Fibonacci retracement
Stop Loss: 115.500
Reason for Stop Loss:
Previous swing high and daily resistance
