On the H4, prices are on bearish momentum and abiding by a descending trendline. We see the potential for a dip from our 1st resistance at 1.31576 which is a graphical overlap and in line with 38.2% Fibonacci retracement towards our 1st support at 1.30509 in line with 127.2% Fibonacci Projection. Prices are trading below our ichimoku clouds, further supporting our bearish bias. Alternatively, breaking the 1st resistance at 1.31576 in line with 38.2% Fibonacci retracement will call for further bullish continuation towards our 2nd resistance at 1.31825 in line with 50% Fibonacci retracement.
Trading Recommendation
Entry: 1.30509
Reason for Entry:
127.2% Fibonacci ProjectionTake Profit: 1.31576
Reason for Take Profit:Graphical overlap and in line with 38.2% Fibonacci retracement
Stop Loss: 1.31825
Reason for Stop Loss:
50% Fibonacci retracement
