On the H4, with price expected to reverse off the stochastics indicator resistance, we have a bearish bias that price will drop from our 1st resistance at 0.99411 where the Horizontal swing high resistance and 161.8% Fibonacci extension is to our 1st support at 0.98405 in line with the 50% Fibonacci retracement and horizontal pullback support which is closer to our ascending trendline. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 0.99935 where the 200% fibonacci over-extension is.
Trading Recommendation Entry: 0.99411Reason for Entry:Horizontal swing high resistance and 161.8% Fibonacci extensionTake Profit: 0.98405Reason for Take Profit:50% Fibonacci retracement and horizontal pullback support Stop Loss: 0.99935Reason for Stop Loss:
200% fibonacci extension
