On the H4, with price on a downwards trend on the RSI indicator and showing that it is respecting the RSI trend line's resistance, we are expecting to see price dip from 1st resistance at 1.23996 in line with the 78.6% Fibonacci retracement to 1st support at 1.23571 in line with the 50% Fibonacci retracement levels and possibly even 2nd support at 1.23423 in line with the 61.8% Fibonacci retracement levels. Alternatively, we may see price break 1st resistance structure and head for 2nd resistance at 1.24276 in line with our horizontal swing high resistance.
Trading Recommendation
Entry: 1.23996
Reason for Entry:
78.6% Fibonacci retracement and Horizontal swing high resistance
Take Profit:1.23571
Reason for Take Profit:
50% Fibonacci retracement and Horizontal overlap support
Stop Loss:1.24276
Reason for Stop Loss:
Horizontal swing high resistance