On the H4, price is moving within the channel in a descending manner- we are bearish biased. Price is testing the first support at 0.9550 where the previous swing low and 161.8% extension sits. If it breaks this level, we have a strong bearish confirmation to bring price down to 0.8497 levels where the previous swing low sits. Alternatively it might pull back to test the first resistance at 0.9692 where the 23.6% retracement and 145% extension sits, then the second resistance at 0.9907 where the 50% retracement and 100% projection sits
Trading Recommendation
Entry: 0.9550
Reason for Entry:
Breakout sell entry, 161.8% extension and swing low
Take Profit: 0.8442
Reason for Take Profit:Previous swing low
Stop Loss: 0.9692
Reason for Stop Loss:
Previous swing low, 50% retracement
