On the H4 timeframe, price is abiding to the ascending trendline support, signifying an overall bullish momentum. However, price has approached the 1st resistance in line with 61.8% Fibonacci projection and previous swing high hence, we can expect a potential short-term retracement. We can expect price to drop from 1st Resistance towards 1st Support in line with 61.8% Fibonacci projection and 50% Fibonacci retracement. Our short-term bearish bias is further supported by the stochastic indicator where the %K line is at the resistance level.
Reason for Entry:
61.8% Fibonacci projection and horizontal swing high
Take Profit: 114.466
Reason for Take Profit:
61.8% Fibonacci projection and 50% Fibonacci retracement
Stop Loss: 115.758
Reason for Stop Loss:
100% Fibonacci projection
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