On the H4, prices are abiding by a descending trendline resistance. We see the potential for a dip from our 1st resistance 1.31614 in line with 61.8% Fibonacci retracement towards our 1st support at 1.30832 in line with 78.6% Fibonacci retracement. Alternatively, breaking the descending trendline will find prices climbing towards our 2nd resistance at 1.32081 in line with 100% Fibonacci projection. Our bearish bias is further supported by RSI being at levels where dips previously occurred.
Trading Recommendation
Entry: 1.31614
Reason for Entry:
61.8% Fibonacci retracement
Take Profit: 1.30832
Reason for Take Profit:78.6% Fibonacci retracement.Stop Loss: 1.32081
Reason for Stop Loss:
100% Fibonacci projection