On the Weekly, with price at the resistance of the ichimoku indicator and horizontal swing high resistance, we have a bearish bias that price will drop from our 1st resistance at 1.26839 which is in line with horizontal overlap resistance, 78.6% Fibonacci retracement level to 1st support at 1.26036, which is in line with horizontal swing low support. Alternatively, price may rise up to our 2nd resistance at 1.27654, which coincides with horizontal swing high resistance, 38.2% Fibonacci retracement level .
Trading Recommendation
Entry: 1.26839
Reason for Entry:
Horizontal overlap resistance, 78.6% Fibonacci retracement level
Take Profit: 1.26036
Reason for Take Profit:
Horizontal swing low support
Stop Loss: 1.27654
Reason for Stop Loss:
Horizontal swing high resistance, 38.2% Fibonacci retracement level
