On the H4 timeframe, price is dropping towards the ascending trendline. We see the potential for a bearish reversal from 1st resistance of 0.74568 in line with 38.2% Fibonacci retracement and 61.8% Fibonacci projection towards the 1st support level of 0.73559 in line with 78.6% Fibonacci projection, 161.8% Fibonacci extension and 78.6% Fibonacci retracement. Our bearish bias is further supported by price being pushed down by Ichimoku cloud. However, there is a probability that price might break through the 1st resistance level to rise up towards 2nd resistance level of 0.75381 in line with 61.8% Fibonacci retracement and 100% Fibonacci projection.
Trading Recommendation
Entry: 0.74568
Reason for Entry: 38.2% Fibonacci retracement and 61.8% Fibonacci projection.
Take Profit: : 0.73559
Reason for Take Profit: 78.6% Fibonacci projection, 161.8% Fibonacci extension and 78.6% Fibonacci retracement.
Stop Loss: 0.75381
Reason for Stop Loss:
61.8% Fibonacci retracement and 100% Fibonacci projection.
