On the H4, prices are on a bearish momentum and are experiencing a squeeze at our Pivot which is a recent graphical swing high. We see a potential dip from our 1st resistance at 0.68309 in line with 100% Fibonacci extension towards our 1st support at 0.67608 in line with 61.8% Fibonacci extension and 61.8% Fibonacci retracement. With RSI at a level where dips previously occurred and also Ichimoku forecasting a dip, we see potential for further bearish movement. Alternatively, our stop loss will be placed at 2nd resistance at 0.68560 in line with 127.2% Fibonacci extension.

Trading Recommendation

Entry: 0.68309

Reason for Entry:

100% Fibonacci extension

Take Profit: 0.67608

Reason for Take Profit:

61.8% Fibonacci extension and 61.8% Fibonacci retracement

Stop Loss: 0.68560

Reason for Stop Loss:

127.2% Fibonacci extension