On the H4, prices are on a bearish momentum and are experiencing a squeeze at our Pivot which is a recent graphical swing high. We see a potential dip from our 1st resistance at 0.68309 in line with 100% Fibonacci extension towards our 1st support at 0.67608 in line with 61.8% Fibonacci extension and 61.8% Fibonacci retracement. With RSI at a level where dips previously occurred and also Ichimoku forecasting a dip, we see potential for further bearish movement. Alternatively, our stop loss will be placed at 2nd resistance at 0.68560 in line with 127.2% Fibonacci extension.
Trading Recommendation
Entry: 0.68309
Reason for Entry:
100% Fibonacci extension
Take Profit: 0.67608
Reason for Take Profit:
61.8% Fibonacci extension and 61.8% Fibonacci retracement
Stop Loss: 0.68560
Reason for Stop Loss:
127.2% Fibonacci extension