On the H4 timeframe, prices are on bearish momentum and abiding to our bearish trendline. We see potential for prices to bounce from our 1st resistance at 0.68140 in line with 100% Fibonacci extension and 78.6% Fibonacci retracement towards our 1st support at 0.67448 in line with 78.6% Fibonacci retracements and 100% Fibonacci extension. Our bias is further supported by Ichimoku clouds forecasting the dip. If prices break our 1st support, prices can potentially dip towards our 2nd support at 0.67012 in line with 127.2% Fibonacci extensions and 100% Fibonacci retracement.
Trading Recommendation
Entry: 0.68140
Reason for Entry:
100% Fibonacci extension and 78.6% Fibonacci retracement
Take Profit: 0.67448
Reason for Take Profit:
78.6% Fibonacci retracements and 100% Fibonacci extension
Stop Loss: 0.68565
Reason for Stop Loss:
127.2% Fibonacci extensions and 161.8% Fibonacci Projection
