On the H4 chart, prices seem to have pulled back a little but the overall trend is still bearish biased. Price has broken the intermediate resistance at 133.908 which is the 50% Fibonacci retracement and is now testing the first resistance at 134.582 where the previous swing high. 61.8% fibonacci retracement and 100% projection sits.If the bearish momentum continues it will pull back to test the first support at 131.731
Trading Recommendation
Entry: 134.582
Reason for Entry:
Pull back sell entry and 100% projection
Take Profit: 131.731
Reason for Take Profit:Swing low support
Stop Loss: 135.559
Reason for Stop Loss:
Previous swing highs
