On the H4, with the existing bearish sentiment where price is moving below the ichimoku and in a downwards trend, we may expect to see price head for 1st support at 1.22514 which is a horizontal swing low support in line with the 100% Fibonacci projection. Our bearish bias is further supported by the fact that price is moving below the moving average. Alternatively, price may retest at 1st resistance at 1.23219 which is a horizontal overlap resistance before continuing with its downwards trend.
Trading Recommendation
Entry:1.23219
Reason for Entry:
Horizontal overlap resistance
Take Profit: 1.22514
Reason for Take Profit:
100% Fibonacci projection
Stop Loss:1.23581
Reason for Stop Loss:
Horizontal swing high resistance
