On the H4, price is abiding by the ascending trendline. Price is near 1st support level of 1.07940 in line with 38.2% Fibonacci retracement and 61.8% Fibonacci projection. Price can potentially bounce to 1st resistance level of 1.08841 with a 138% Fibonacci extension, along with a graphical swing high resistance. Our bearish bias is supported by price trading below the Ichimoku cloud indicator. Alternatively, price might continue to dip towards the 2nd support level of 1.07437 which is in line with 50% Fibonacci retracement and 78.6% Fibonacci projection.
Trading Recommendation
Entry: 1.07940
Reason for Entry: 38.2% Fibonacci retracement and 61.8% Fibonacci projection..
Take Profit: : 1.08841
Reason for Take Profit: 138% Fibonacci extension, along with a graphical swing high resistance.
Stop Loss: 1.07437
Reason for Stop Loss:
50% Fibonacci retracement and 78.6% Fibonacci projection.
