On the H4 timeframe, prices are on bearish momentum and abiding to a descending trendline. We see potential for bearish momentum from our 1st resistance at 0.67029 in line with 23.6% Fibonacci retracement towards our 1st support at 0.66058 in line with 61.8% Fibonacci retracement. Our bias is further supported by RSI being at levels where dips previously occurred and also Ichimoku cloud forecasting bearish momentum . Alternatively, our stop loss will be placed at 2nd resistance at 0.67447 in line 61.8% Fibonacci extension.
Trading Recommendation
Entry: 0.67029
Reason for Entry:
23.6% Fibonacci retracement
Take Profit: 0.66058
Reason for Take Profit:
61.8% Fibonacci retracementStop Loss: 0.67447
Reason for Stop Loss:
61.8% Fibonacci extension
