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 0.65687 in line with 200% Fibonacci projection and 161.8% Fibonacci Projection towards our descending trendline at 1st resistance at 0.66601 which is a graphical overlap and in line with 61.8% Fibonacci retracement and 23.6% Fibonacci retracement. RSI is at a level where bounces occurred previously. Alternatively, our stop loss will be placed at our 2nd support at 0.65168 in line with 200% Fibonacci Projection.
Trading Recommendation
Entry: 0.65687
Reason for Entry:
200% Fibonacci projection and 161.8% Fibonacci Projection
Take Profit: 0.66601
Reason for Take Profit:
Graphical overlap
Stop Loss: 0.65168
Reason for Stop Loss:
200% Fibonacci Projection
