On the H4, On the H4, prices are on bearish momentum and abiding to our bearish trendline. We see the potential for a short bounce from our 1st support at 0.65245 in line with 200% Fibonacci projection towards our 1st resistance at 0.66102 in line with 23.6% Fibonacci retracement. Alternatively, our stop loss will be placed at 0.65245 in line with 78.6% Fibonacci extension. RSI is at a level where bounces occurred previously.
Trading Recommendation
Entry: 0.65245
Reason for Entry:
200% Fibonacci projection
Take Profit: 0.66102
Reason for Take Profit:
23.6% Fibonacci retracement
Stop Loss: 0.65245
Reason for Stop Loss:
78.6% Fibonacci extension