On the H4 timeframe, prices are on bearish momentum and abiding by a descending trendline. We see the potential for further bearish continuation from our 1st resistance at 1.30952 in line with 23.6% Fibonacci retracement and 61.8% Fibonacci Projection towards our 1st support at 1.30020 in line with 100% Fibonacci projection. Prices are trading below our Ichimoku cloud support, further supporting our bearish bias. Alternatively, prices may climb higher towards our 2nd resistance at 1.31781 in line with 38.2% Fibonacci retracement.
Trading Recommendation
Entry: 1.30952
Reason for Entry:
23.6% Fibonacci retracement and 61.8% Fibonacci Projection
Take Profit: 1.30020
Reason for Take Profit:
100% Fibonacci projection
Stop Loss: 1.31781
Reason for Stop Loss:
38.2% Fibonacci retracement
