On the H4 timeframe, prices are on bearish momentum and abiding to our bearish trendline. We see potential for prices to dip further from our 1st resistance at 0.67895 in line with 100% Fibonacci extension and 50% Fibonacci retracement towards our 1st support at 0.67365 in line with 78.6% Fibonacci retracements and 127.2% Fibonacci extension. Our bias is further supported by Ichimoku clouds forecasting the dip and also prices trading below our MA. If prices break our 1st support, prices can potentially dip towards our 2nd support at 0.67047 in line with 200% Fibonacci projection and 100% Fibonacci retracement.
Trading Recommendation
Entry: 0.67895
Reason for Entry:
100% Fibonacci extension and 50% Fibonacci retracement
Take Profit: 0.67365
Reason for Take Profit:
78.6% Fibonacci retracements and 127.2% Fibonacci extension
Stop Loss: 0.68022
Reason for Stop Loss:
61.8% Fibonacci Extension
