On the H4 timeframe, we can now expect price to drop from 1st Resistance in line with 61.8% Fibonacci projection and horizontal swing high towards 1st Support in line with 61.8% Fibonacci projection and 61.8% Fibonacci retracement. Our short-term bearish bias is further supported by stochastic where %K line is at the resistance level.
Trading Recommendation
Entry: 114.943
Reason for Entry:
61.8% Fibonacci projection and horizontal swing high
Take Profit: 114.173
Reason for Take Profit:
61.8% Fibonacci projection and 61.8% Fibonacci retracement
Stop Loss: 115.305
Reason for Stop Loss:
78.6% Fibonacci projection
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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