On the H4, price broke out of the ascending trendline support, signifying a bearish momentum. We can expect price to drop from 1st Resistance in line with 38.2% Fibonacci retracement and 61.8% Fibonacci projection towards 1st Support in line with 61.8% Fibonacci retracement. Our bearish bias is further supported by the price holding below the Ichimoku cloud and RSI indicator where it is abiding to the descending trendline resistance.
Trading Recommendation
Entry: 0.71844
Reason for Entry:
38.2% Fibonacci retracement and 61.8% Fibonacci projection
Take Profit: : 0.70894
Reason for Take Profit:61.8% Fibonacci retracement and graphical overlap support
Stop Loss: 0.72158
Reason for Stop Loss:
61.8% Fibonacci retracement and 100% Fibonacci projection