On the H4 chart , price is near 1st resistance level of 1.27961 in line with 61.8% Fibonacci retracement and 78.6% Fibonacci projection. Price can potentially dip to the 1st support level of 1.26600 in line with 38.2% Fibonacci retracement and 100% Fibonacci projection. Our bearish bias is supported by the stochastic indicator as it is near resistance level. Alternatively price can go to the 2nd resistance level which is also the graphical overlap resistance.
Trading Recommendation
Entry: 1.27961
Reason for Entry:
61.8% Fibonacci retracement and 78.6% Fibonacci projection
Take Profit: 1.276600
Reason for Take Profit:
Swing low, 38.2% Fibonacci retracement and 100% Fibonacci projection
Stop Loss: 1.28331
Reason for Stop Loss:
Graphical overlap resistance
