On the H4, price is reacting within the ascending channel, signifying an overall bullish momentum. Price is approaching the 1st Resistance, we can expect to see price make a short-term bearish drop from 1st Resistance in line with 127.2% Fibonacci extension and 100% Fibonacci projection towards 1st Support in line with 50% Fibonacci retracement and 61.8% Fibonacci projection. Our short-term bearish bias is further supported by the stochastic indicator where the %K line is at the resistance level.
Trading Recommendation
Entry: 0.73091
Reason for Entry:
127.2% Fibonacci extension and 100% Fibonacci projection
Take Profit: : 0.71266
Reason for Take Profit:
50% Fibonacci retracement and 61.8% Fibonacci projection
Stop Loss: 0.73618
Reason for Stop Loss:
127.2% Fibonacci projection
