On the H4 timeframe, prices are on bearish momentum and abiding to our descending trendline. We can expect the price to drop from 1st Resistance in line with 38.2% Fibonacci retracement towards 1st Support in line with 61.8% Fibonacci retracement and 127.2% Fibonacci projection. Our bearish bias is further supported by the stochastic indicator where the %K line is at the resistance level.
Trading Recommendation
Entry: 0.91966
Reason for Entry:Graphical overlap resistance, 38.2% Fibonacci retracement
Take Profit: : 0.91409
Reason for Take Profit:61.8% Fibonacci retracement and 127.2% Fibonacci projection
Stop Loss: 0.92240
Reason for Stop Loss:
78.6% Fibonacci retracement
