On the H4 timeframe, price broke out of the ascending trendline support, signifying an overall bearish momentum. We can expect price to drop from 1st Resistance in line with 127.2 % Fibonacci projection and 61.8% Fibonacci retracement towards 1st Support in line with 61.8% Fibonacci projection and 78.6% Fibonacci retracement. Our bearish bias is further supported by the price holding below the Ichimoku Cloud.
Reason for Entry:
127.2 % Fibonacci projection and 61.8% Fibonacci retracement
Take Profit: 0.91733
Reason for Take Profit:
61.8% Fibonacci projection and 78.6% Fibonacci retracement
Stop Loss: 0.92479
Reason for Stop Loss:
78.6% Fibonacci retracement
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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