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 0.66474 in line with 61.8% Fibonacci retracement towards our 1st support at 0.66198 in line with 61.8% Fibonacci retracement. Our bias is further supported by RSI being at levels where dips previously occurred. Alternatively, our stop loss will be placed at 2nd resistance at 0.66735 in line with 100% Fibonacci retracement and 61.8% Fibonacci extension.
Trading Recommendation
Entry: 0.66474
Reason for Entry:
61.8% Fibonacci retracement
Take Profit: 0.66198
Reason for Take Profit:
61.8% Fibonacci retracement
Stop Loss: 0.66735
Reason for Stop Loss:
100% Fibonacci retracement and 61.8% Fibonacci extension
