On the H4, with price showing bearish pressure on the MACD indicator and price recently breaking the ascending trend channel, we have a bearish bias that price will drop from our 1st overlap resistance at 1.07492 to our 1st support at 1.0542 in line with the 23.6% fibonacci retracement and 50% fibonacci retracement. Alternatively, price may reverse off the 1st resistance and rise to the 2nd resistance at 1.08591 in line with the 61.8% fibonacci retracement.
Trading Recommendation Entry:1.07492Reason for Entry:
Overlap resistance
Take Profit: 1.0542
Reason for Take Profit:
3.6% fibonacci retracement and 50% fibonacci retracementStop Loss: 1.08591Reason for Stop Loss:61.8% fibonacci retracement
