On the H4 timeframe, price broke out of the ascending trendline support, signifying potential bearish momentum. We can expect price to drop from 1st Resistance in line with 23.6% Fibonacci retracement and 61.8% Fibonacci projection towards 1st Support in line with 127.2% Fibonacci extension and 100% Fibonacci projection. Our bearish bias is further supported by price holding below the Ichimoku cloud and RSI is abiding to the descending trendline resistance.
Trading Recommendation
Entry: 0.91562
Reason for Entry:
23.6% Fibonacci retracement and 61.8% Fibonacci projection
Take Profit: :0.71203
Reason for Take Profit:
127.2% Fibonacci extension and 100% Fibonacci projection
Stop Loss: 0.91790
Reason for Stop Loss:
38.2% Fibonacci retracement and 100% Fibonacci projection
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