On the H4, orice 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.
Trading Recommendation
Entry: 0.71844
Reason for Entry:
Graphical overlap resistance, 38.2% Fibonacci retracement and 61.8% Fibonacci projection
Take Profit: : 0.70894
Reason for Take Profit:Graphical overlap support , 61.8% Fibonacci retracement
Stop Loss: 0.72158
Reason for Stop Loss:
50% Fibonacci retracement and 78.6% Fibonacci projection