On the H4 timeframe, prices are on bearish momentum and abiding to a bearish trendline. We see the potential for a bounce from our 1st support at 0.67012 in line with 161.8% Fibonacci projection towards our 1st resistance at 0.67745 in line with 78.6% Fibonacci retracement, and also a descending trendline. RSI is at a level where bounces occurred previously. Alternatively, our stop loss will be placed at our 2nd support at 0.66464 in line with 200% Fibonacci Projection.
Trading Recommendation
Entry: 0.67012
Reason for Entry:
161.8% Fibonacci projection
Take Profit: 0.67745
Reason for Take Profit:
8.6% Fibonacci retracement, and also descending trendline
Stop Loss: 0.66464
Reason for Stop Loss:
200% Fibonacci Projection
