On the H4, prices are on bearish momentum. We see the potential for a dip from our 1st resistance at 1.32217 which is a graphical swing high and in line with 61.8% Fibonacci Projection towards our 1st support at 1.312 in line with 61.8% Fibonacci Projection. MacD and our MA is supporting our bearish bias. Alternatively, breaking the 1st resistance will call for a further bullish continuation towards our 2nd resistance at 1.32983 which was a graphical swing high and in line with 100% Fibonacci Projection.
Trading Recommendation
Entry: 1.32217
Reason for Entry:
Graphical swing high and in line with 61.8% Fibonacci ProjectionTake Profit: 1.312
Reason for Take Profit: 61.8% Fibonacci Projection.
Stop Loss: 1.32983
Reason for Stop Loss:
Graphical swing high and in line with 100% Fibonacci Projection
