On the H4, prices have bounced off a pivot. We see the potential for a dip from our 1st resistance at 0.76387 in line with 127.2% Fibonacci extension towards our 1st support at 0.74710 in line with 38.2% Fibonacci retracement. Alternatively, prices may climb higher towards our 2nd resistance at 0.77333 in line with 161.8% Fibonacci Projection. Our bearish bias is supported by RSI being at levels where dips previously occurred.
Trading Recommendation
Entry: 0.76387
Reason for Entry:
127.2% Fibonacci extensionTake Profit: 0.74710
Reason for Take Profit:38.2% Fibonacci retracement
Stop Loss: 0.77333
Reason for Stop Loss:
161.8% Fibonacci Projection
