On the H4 timeframe, prices have broken out of our bearish trendline. We see potential for prices to dip further from our 1st resistance at 0.68574 in line with 78.6% Fibonacci retracement towards our 1st support at 0.67963 in line with 50% Fibonacci retracement. Our bias is further supported by ichimoku clouds forecasting the dip and RSI is at an all time high. Our stop loss will be placed at 0.68958 in line with 38.2% Fibonacci retracement. If prices break our 1st support, prices can potentially dip towards our 2nd support at 0.67396 in line with 100% Fibonacci retracement.
Trading Recommendation
Entry: 0.68574
Reason for Entry:
78.6% Fibonacci retracement
Take Profit: 0.67963
Reason for Take Profit:
50% Fibonacci retracement
Stop Loss: 0.68958
Reason for Stop Loss:
38.2% Fibonacci retracement
