On the H4 timeframe, prices were on bearish momentum and are abiding to our descending trendline. We see potential for prices to dip from our 1st resistance at 0.66488 in line with 23.6% Fibonacci retracement towards our 1st support at 0.65293 in line with 100% Fibonacci retracement. Our bias is further supported by prices facing resistance in the Ichimoku Clouds and RSI being at levels where dips previously occurred. Alternatively, our stop loss will be placed at 2nd resistance at 0.67012 in line with 50% Fibonacci retracement.
Trading Recommendation
Entry: 0.66488
Reason for Entry:
23.6% Fibonacci retracement
Take Profit: 0.65293
Reason for Take Profit:
100% Fibonacci retracement
Stop Loss: 0.67012
Reason for Stop Loss:
50% Fibonacci retracement
