On the H4, price is abiding by the ascending trendline and near 1st resistance level of 0.73930 in line with 78.6% Fibonacci retracement and 61.8% Fibonacci projection. Price can move towards the 1st support level of 0.72488 which is in line with 61.8% Fibonacci retracement and 78.6% Fibonacci projection. Our bearish bias is supported by the price trading below the Ichimoku cloud indicator. Alternatively, price might move towards the 2nd resistance level at 0.74822 in line with 100% Fibonacci projection and 161.8% Fibonacci extension.
Trading Recommendation
Entry: 0.73930
Reason for Entry: 78.6% Fibonacci retracement and 61.8% Fibonacci projection.
Take Profit: : 0.72488
Reason for Take Profit: 61.8% Fibonacci retracement and 78.6% Fibonacci projection.
Stop Loss: 0.74822
Reason for Stop Loss: 100% Fibonacci projection and 161.8% Fibonacci extension
