On the H4 timeframe, prices are on bearish momentum. We see the potential for bearish dip from our 1st resistance at 0.93377 in line with 61.8% Fibonacci retracement towards our 1st support at 0.92883 which is in line with 50% Fibonacci retracement and 61.8% Fibonacci projection. Our bearish bias is supported by the stochastic indicator where price is trading at resistance level. Alternatively, price might continue to move up towards the 2nd resistance level at 0.93760 in line with 61.8% Fibonacci projection.
Trading Recommendation
Entry: 0.93377
Reason for Entry:
61.8% Fibonacci retracement
Take Profit: 0.92883
Reason for Take Profit:50% Fibonacci retracement and 61.8% Fibonacci projection
Stop Loss: 0.93760Reason for Stop Loss:
61.8% Fibonacci projection
