On the H4 timeframe, price is abiding to a descending channel, signifying a bearish momentum. Price is reacting at 1st Resistance, we can expect price to drop from 1st Resistance in line with 161.8% Fibonacci extension and 78.6% Fibonacci projection towards 1st Support in line with 78.6% Fibonacci projection. Our bearish bias is further supported by the stochastic indicator where the %K line is approaching the resistance level.
Trading Recommendation
Entry: 0.92449
Reason for Entry: 161.8% Fibonacci extension and 78.6% Fibonacci projection
Take Profit: : 0.91076
Reason for Take Profit: graphical support level and 78.6% Fibonacci projection
Stop Loss: 0.92758
Reason for Stop Loss:
100% Fibonacci projection
