On the H4, prices are on bearish momentum and abiding to our bearish trendline. We see the potential for a dip from our 1st resistance at 0.66629 in line with 38.2% Fibonacci retracement and 78.6% Fibonacci extension towards our 1st support at 0.65756 in line with 161.8% Fibonacci projection. RSI is at a level where dips occurred previously and prices are trading below our Ichimoku cloud resistance, further supporting our bearish bias. Alternatively, our stop loss will be placed at 2nd support at 0.64998 in line with 200% Fibonacci Projection.
Trading Recommendation
Entry: 0.66629
Reason for Entry:
38.2% Fibonacci retracement and 78.6% Fibonacci extension
Take Profit: 0.65756
Reason for Take Profit:
161.8% Fibonacci projection
Stop Loss: 0.64998
Reason for Stop Loss:
200% Fibonacci Projection
