On the H4, with prices breaking the ascending channel we are now slightly bearish biased. Price is now testing the first support at 1.208 which coincides with 38.2% Fibonacci retracement. If price break supports and confirms downside trend, we would expect downside momentum to carry price to 2nd support at 1.194 61.8% Fibonacci retracement. Alternatively, price could bounce back to test at 78.6% Fibonacci retracement at 1.227
Trading Recommendation
Entry: 1.227
Reason for Entry:
Pullback
Take Profit: 1.201
Reason for Take Profit:50% Fibonacci retracement
Stop Loss: 1.241
Reason for Stop Loss:
Swing high key level
