On the H4 timeframe, price is abiding to the ascending channel, showing an overall bullish momentum. However, we can expect a short term bearish momentum and drop from 1st resistance in line with horizontal swing high, 127.2% Fibonacci projection and 127.2% Fibonacci retracement towards 1st Support in line with graphical overlap support and 100% Fibonacci projection. Our bearish bias is further supported by stochastic where the %K line dropped from the resistance.
Trading Recommendation
Entry: 116.257
Reason for Entry:
Horizontal swing high1,127.2% Fibonacci projection and 127.2% Fibonacci retracement
Take Profit: : 112.783
Reason for Take Profit:
Graphical overlap support and 100% Fibonacci projection
Stop Loss: 117.935
Reason for Stop Loss:
Daily resistance