On the H4, price is abiding by the ascending trendline and near 1st resistance level of 0.93607 in line with 78.6% Fibonacci projection. Price can potentially dip to the 1st support level of 0.92828 in line with 38.2% Fibonacci retracement and 61.8% Fibonacci projection. Our bearish bias is supported by the stochastic indicator as it is near resistance level. Alternatively, price can potentially rally to the 2nd resistance level of 0.94065 in line with 100% Fibonacci projection.
Trading Recommendation
Entry: 0.93607
Reason for Entry: 78.6% Fibonacci projection and graphical pullback support
Take Profit: : 0.92828
Reason for Take Profit: 38.2% Fibonacci retracement and 61.8% Fibonacci projection
Stop Loss: 1.33037
Reason for Stop Loss: 100% Fibonacci projection and previous graphical swing high
