On the H4, prices are still respecting the descending trend and are testing the 61.8% fibonacci retracement. If prices continue with the bearish momentum, we are looking at price pulling back to test at the first support 131.785 where the fibonacci projection as well as the previous swing low sits, subsequently testing the second support at 130.440. Alternatively if prices fail to continue with the bearish trend, we are expecting prices to test at the intermediate resistance 133.919. If it breaks that resistance and confirms bullish momentum, prices will test at first resistance 134.525 where the 78.6% fibonacci retracement sits.
Trading Recommendation
Entry: 133.919
Reason for Entry:
pullback resistance
Take Profit: 131.785
Reason for Take Profit:Swing low support 61.8% fibonacci projection
Stop Loss: 134.525
Reason for Stop Loss:
Pullback resistance
