On the H4 chart, as the price is breaking the ascending channel, we have a bearish bias that the price may drop from the 1st resistance at 0.57863, which is in line with the overlap resistance and 23.6% fibonacci retracement to the 1st support at 0.56811, which is in line with the 61.8% fibonacci retracement. Alternatively, the price may rise to the 2nd resistance at 0.58979, where the previous swing high, 38.2% fibonacci retracement and 127.2% fibonacci extension are.
Trading Recommendation
Entry: 0.57863
Reason for Entry:
overlap resistance and 23.6% fibonacci retracement
Take Profit: 0.56811
Reason for Take Profit:61.8% fibonacci retracement
Stop Loss: 0.58979
Reason for Stop Loss:
Previous swing high, 38.2% fibonacci retracement and 127.2% fibonacci extension
The material has been provided by InstaForex Company – www.instaforex.com
