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 82.412 in line with 50% Fibonacci retracement and bearish trendline towards our 1st support at 81.461 in line with 50% Fibonacci retracement. RSI is at a level where dips occurred previously, further supporting our bearish bias. Alternatively, our stop loss will be placed at 2nd resistance 82.839 in line with 61.8% Fibonacci retracement.
Trading Recommendation
Entry: 82.412
Reason for Entry:
50% Fibonacci retracement and bearish trendline
Take Profit: 81.461
Reason for Take Profit:
50% Fibonacci retracement
Stop Loss: 82.839
Reason for Stop Loss:
61.8% Fibonacci retracement
