On the H4, prices are on bearish momentum and abiding to our bearish trendline. We see the potential for a short bounce from our 1st support at 0.66161 in line with 200% Fibonacci projection towards our descending trendline at 1st resistance at 0.67058 which is a graphical overlap. RSI is at a level where bounces occurred previously. Alternatively, our stop loss will be placed at our 2nd support at 0.65889 in line with 161.8% Fibonacci Projection.
Trading Recommendation
Entry: 0.66161
Reason for Entry:200% Fibonacci projection
Take Profit: 0.67058
Reason for Take Profit:
Graphical overlap
Stop Loss: 0.65889
Reason for Stop Loss:
161.8% Fibonacci Projection
