On the H4, with price moving within the descending trend channel, we have a bearish bias that price will drop from the 1st resistance at 1.02009 at the swing high in line with the 38.2% fibonacci retracement and 100% fibonacci projection to the 1st support at 0.99888 at the swing low. Alternatively, price may reverse off the 1st resistance and rise to the 2nd resistance at 1.03534 at the overlap resistance in line with the 61.8% fibonacci retracement.
Trading Recommendation
Entry: 1.02009
Reason for Entry:
Swing high in line with the 38.2% fibonacci retracement and 100% fibonacci projectionTake Profit: 0.99888
Reason for Take Profit:Swing lowStop Loss: 1.03534
Reason for Stop Loss:
Overlap resistance in line with the 61.8% fibonacci retracement.
