On the H4, price is abiding by the descending trendline. Price is near 1st resistance level of 1.49269 in line with 50% Fibonacci retracement. Price can potentially bearish reversal to 1st support level of 1.45499 with a 61.8% Fibonacci projection and 78.6% Fibonacci retracement. Our bearish bias is supported by price trading below the Ichimoku cloud indicator. Alternatively, price might continue to rise towards the 2nd resistance level of 1.51446 which is in line with 78.6% Fibonacci retracement and 78.6% Fibonacci projection.
Trading Recommendation
Entry: 1.49269
Reason for Entry: 50% Fibonacci retracement.
Take Profit: : 1.45499
Reason for Take Profit: 61.8% Fibonacci projection and 78.6% Fibonacci retracement.
Stop Loss: 1.51446
Reason for Stop Loss:
78.6% Fibonacci retracement and 78.6% Fibonacci projection.
