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On the H4, with price rejecting the resistance on the stochastics indicator, we have a bearish bias that price will drop to 1st support at 1.26479 in line with the graphical overlap support and 50% Fibonacci retracement and possibly to 2nd support at 1.25505 in line with the graphical swing low support and 78.6% Fibonacci retracement from 1st resistance at 1.27914 in line with the horizontal swing high resistance and 127.2% Fibonacci extension level. Alternatively, we may see price break 1st resistance structure and head for 2nd resistance at 1.28919 in line with the horizontal swing high resistance and 100% Fibonacci projection.
Trading Recommendation
Entry: 1.27914
Reason for Entry:
Horizontal swing high resistance and 127.2% Fibonacci extension level
Take Profit: 1.26479
Reason for Take Profit:
Graphical overlap support and 50% Fibonacci retracement
Stop Loss: 1.28919
Reason for Stop Loss:
Horizontal swing high resistance and 100% Fibonacci projection.
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