On the H4 timeframe, price is trying to break through the ascending trendline. Price is near the key resistance level. We see the potential of a bearish dip from 1st resistance level of 0.73558 in line with 61.8% fibonacci retracement towards the 1st support level of 0.72483 which is in line with 78.6% fibonacci retracement and 61.8% fibonacci projection. Otherwise, price might break the key resistance level and head towards the 2nd resistance level of 0.74539 in line with 38.2% fibonacci retracement.
Trading Recommendation
Entry: 0.73558
Reason for Entry: 61.8% fibonacci retracement.
Take Profit: 0.72483
Reason for Take Profit: 78.6% fibonacci retracement and 61.8% fibonacci projection.
Stop Loss: 0.74539
Reason for Stop Loss:
38.2% fibonacci retracement.
