On the H4 timeframe, price broke downwards from the triangle pattern, signifying a bearish momentum. We can expect price to drop from 1st Resistance in line with 38.2% Fibonacci retracement and ascending trendline support turn resistance towards 1st Support level in line with 50% Fibonacci retracement and 127.2% Fibonacci projection. Our bearish bias is further supported by the RSI indicator where it is abiding to the descending trendline resistance.
Trading Recommendation
Entry: 113.604
Reason for Entry:
38.2% Fibonacci retracement
Take Profit: 113.031
Reason for Take Profit:
50% Fibonacci retracement and 127.2% Fibonacci projection
Stop Loss: 113.910
Reason for Stop Loss:
78.6% Fibonacci projection and 61.8% Fibonacci retracement
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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