On the H4 timeframe, prices are on bearish momentum and abiding to a descending trendline. We see potential for bearish momentum from our 1st resistance at 0.67032 in line with 78.6% Fibonacci extension towards our 1st support at 0.66329 in line with 61.8% Fibonacci retracement. Our bias is further supported by RSI being at levels where dips previously occurred and also Ichimoku cloud forecasting bearish momentum . Alternatively, our stop loss will be placed at 2nd resistance at 0.67333 in line 100% Fibonacci extension.
Trading Recommendation
Entry: 0.67032
Reason for Entry:
78.6% Fibonacci extension
Take Profit: 0.66329
Reason for Take Profit:
61.8% Fibonacci retracement
Stop Loss: 0.67333
Reason for Stop Loss:
100% Fibonacci extension