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17.12.2021 09:13 AM
On the H4, with price approaching the resistance of the stochastics and RSI indicator, we have a bearish bias that price will drop from 1st resistance at 1.28623 in line with the graphical swing high resistance to 1st support at 1.26104 in line with the horizontal swing low support and 50% Fibonacci retracement. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 1.30107 in line with the 161.8% Fibonacci extension and horizontal overlap resistance.
Trading Recommendation
Entry:1.28623
Reason for Entry:
Graphical swing high overlap resistance
Take Profit: 1.26104
Reason for Take Profit:
Horizontal swing low support and 50% Fibonacci retracement
Stop Loss:1.30107
Reason for Stop Loss:
Horizontal overlap resistance and 161.8% Fibonacci extension
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