On the H4, we can see that price broke out of the ascending channel on the daily and abiding to the descending trendline on the H4. We can expect the price to drop from 1st Resistance in line with 78.6% Fibonacci Retracement and 23.6% Fibonacci retracement towards the 1st Support in line with 127.2% Fibonacci projection. Our bearish bias is further supported by the Ichimoku cloud indicator where price is holding below it and it is forming a strong resistance level.
Trading Recommendation
Entry: 0.72525
Reason for Entry:
78.6% Fibonacci Retracement and 23.6% Fibonacci retracement
Take Profit: 0.71716
Reason for Take Profit:
127.2% Fibonacci projection
Stop Loss: 0.72541
Reason for Stop Loss:
61.8% Fibonacci projection
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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