On the H4 timeframe, price is near to the key pivot level. We see the potential for a bearish reversal from our 1st resistance level of 1.09381 in line with 38.2% Fibonacci retracement and 61.8% Fibonacci projection towards our 1st support level of 1.08070 in line with 161.8% Fibonacci extension. Our bearish bias is supported by price trading below the Ichimoku cloud indicator. Alternatively, if price breaks through the key resistance level, it might continue to rise up to 2nd resistance level of 1.10215 in line with 50% Fibonacci retracement and 78.6% Fibonacci projection.
Trading Recommendation
Entry: 1.09381
Reason for Entry:
38.2% Fibonacci retracement and 61.8% Fibonacci projection.Take Profit: 1.08070
Reason for Take Profit:161.8% Fibonacci extension.
Stop Loss: 1.10215
Reason for Stop Loss:
50% Fibonacci retracement and 78.6% Fibonacci projection.
