On the H4, price is dropping towards the descending trendline. Price is near 1st resistance level of 134.742 in line with 127.2% Fibonacci extension. Price can dip towards the 1st support level of 132.507 which is in line with 23.6% Fibonacci retracement. Our bearish bias is supported by the stochastic indicator where it is at resistance level. Alternatively, price might move towards the 2nd resistance level at 136.682 which is in line with 138.2% Fibonacci extension.
Trading Recommendation
Entry: 134.742
Reason for Entry: 127.2% Fibonacci extension.
Take Profit: : 132.507
Reason for Take Profit: 23.6% Fibonacci retracement.
Stop Loss: 136.682
Reason for Stop Loss:
138.2% Fibonacci extension.
