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 horizontal swing high, 127.2% Fibonacci projection and 127.2% Fibonacci retracement towards 1st Support in line with graphical overlap support and 161.8% Fibonacci projection and 50% Fibonacci retracement. Our bearish bias is further supported by stochastic where the %K line dropped from the resistance.
Trading Recommendation
Entry: 116.292
Reason for Entry:
Horizontal swing high ,127.2% Fibonacci projection and 127.2% Fibonacci retracement
Take Profit: : 114.284
Reason for Take Profit:
Graphical overlap support , 161.8% Fibonacci projection and 50% Fibonacci retracement
Stop Loss: 116.911
Reason for Stop Loss:
Daily resistance
