On the H4 timeframe, price is abiding by the ascending trendline. We see the potential for bearish reversal from our 1st resistance at 0.93714 in line with 61.8% Fibonacci retracement towards our 1st support at 0.92879 which is in line with 50% Fibonacci retracement. Alternatively, price might break through the key resistance level and head towards the 2nd resistance level of 0.94304 which lines up with 78.6% Fibonacci projection and 127.2% Fibonacci extension.
Trading Recommendation
Entry: 0.93714
Reason for Entry: 61.8% Fibonacci retracement.
Take Profit: : 0.92879
Reason for Take Profit: 50% Fibonacci retracement.
Stop Loss: 0.94304
Reason for Stop Loss:
78.6% Fibonacci projection and 127.2% Fibonacci extension.
