On the H4, 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 1.27654 which is in line with horizontal overlap resistance, 38.2% Fibonacci retracement level to 1st support at 1.26839, which is in line with horizontal overlap support and 61.8% Fibonacci retracement. Alternatively, price may rise up to our 2nd resistance at 1.28282, which coincides with horizontal swing high resistance, 61.8% Fibonacci retracement level .
Trading Recommendation
Entry: 1.27654
Reason for Entry:
Horizontal overlap resistance and 38.2% Fibonacci retracement level
Take Profit: 1.26839
Reason for Take Profit:
Horizontal overlap support and 61.8% Fibonacci retracement
Stop Loss: 1.28282
Reason for Stop Loss:
Horizontal swing high resistance and 61.8% Fibonacci retracement level
