On the H4, price broke out of the ascending trendline support, signifying a bearish momentum. We can expect the price to drop from 1st Resistance in line with 61.8% Fibonacci retracement and 100% Fibonacci projection towards 1st Support in line with 50 % Fibonacci retracement and 161.8% Fibonacci projection. Our bearish bias is further supported by the price holding below the Ichimoku cloud and RSI indicator where it is abiding to the descending trendline resistance.
Trading Recommendation
Entry: 0.72158
Reason for Entry:61.8% Fibonacci retracement and 100% Fibonacci projection, graphical overlap resistance
Take Profit: : 0.71266
Reason for Take Profit:50 % Fibonacci retracement and 161.8% Fibonacci projection
Stop Loss: 0.72453
Reason for Stop Loss:
78.6% Fibonacci retracement and 127.2% Fibonacci projection
