On the H4 timeframe, prices have approached pivot and swing high. We see the potential for a short pullback from our 1st resistance at 119.246 in line with 61.8% Fibonacci projection towards our 1st support at 118.366 in line with 61.8% Fibonacci retracement and 127.2% Fibonacci Projection. Divergence is spotted on RSI, further supporting our bearish bias. Alternatively, our stop loss will be placed at 119.480 in line with 78.6% Fibonacci Projection.
Trading Recommendation
Entry: 119.246
Reason for Entry:
61.8% Fibonacci projection
Take Profit: 118.366
Reason for Take Profit:
61.8% Fibonacci retracement and 127.2% Fibonacci Projection.
Stop Loss: 119.480
Reason for Stop Loss:
78.6% Fibonacci Projection.
