On the H4 timeframe, price is moving towards the descending trendline. We expect that price will potentially reverse from 1st resistance level of 0.97034 in line with -27.2% fibonacci expansion and a major 61.8% fibonacci retracement towards the 1st support level of 0.95925 in line with 23.6% fibonacci retracement. Alternatively, price might break through 1st resistance and trigger a rise towards the 2nd resistance level of 0.97819 in line with 7 May 2020 high.
Trading Recommendation
Entry: 0.97034
Reason for Entry: -27.2% fibonacci expansion and a major 61.8% fibonacci retracement.
Take Profit: 0.95925
Reason for Take Profit: 23.6% fibonacci retracement.
Stop Loss: 0.97819
Reason for Stop Loss:
7 May 2020 high
