On the H4, prices are still respecting the descending trend and are testing the 50% fibonacci retracement. If prices continues with the bearish momentum, we are looking at price pulling back to test at the first support 131.434 where the fibonacci projection as well as the previous swing low sits. If prices goes into a bullish momentum, we are expecting prices to test at the first resistance 135.586 where the 61.8% fibonacci retracement sits.
Trading Recommendation
Entry: 135.586
Reason for Entry:
Pullback resistance
Take Profit: 131.434
Reason for Take Profit:Swing low support 61.8% fibonacci projection
Stop Loss: 137.424
Reason for Stop Loss:
Pullback resistance
