On the H4, price broke out of the ascending channel, signifying an overall bearish momentum. We can expect price to drop from 1st Resistance in line with 78.6% Fibonacci projection and 38.2% Fibonacci retracement towards 1st Support in line with graphical support level and 127.2% Fibonacci projection. Our bearish bias is further supported by the Ichimoku cloud indicator where the price is holding below it.
Reason for Entry: 38.2% Fibonacci retracement and 78.6% Fibonacci projection
Take Profit: : 0.70883
Reason for Take Profit:Graphical support level and 127.2% Fibonacci projection.
Stop Loss: 0.72107
Reason for Stop Loss:
100 Fibonacci projection
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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