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 0.94611 (which also appeared to be 1st April 2021 high) in line with 138.2% Fibonacci extension and 100% Fibonacci projection towards our 1st support level of 0.93764 in line with horizontal pullback support. Alternatively, if price breaks through the key resistance level, it might continue to rise to 2nd resistance level of 0.94960 in line with 161.8% Fibonacci extension, 100% Fibonacci projection and -61.8% Fibonacci expansion.
Trading Recommendation
Entry: 0.94611
Reason for Entry:
138.2% Fibonacci extension and 100% Fibonacci projection.Take Profit: 0.93764
Reason for Take Profit:With horizontal pullback support.
Stop Loss: 0.94960
Reason for Stop Loss:
161.8% Fibonacci extension, 100% Fibonacci projection and -61.8% Fibonacci expansion.
