On the H4, with price moving below the ichimoku cloud, we have a bearish bias that price will drop from our 1st resistance at 1.26939 which is in line with horizontal swing high resistance to 1st support at 1.26234, which is in line with horizontal swing low support and 78.6% fibonacci retracement. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 1.27301, which coincides with horizontal swing high resistance and 61.8% Fibonacci retracement.
Trading Recommendation
Entry:1.26939
Reason for Entry:
Horizontal swing high resistance
Take Profit: 1.26234
Reason for Take Profit:
Horizontal swing low support and 78.6% fibonacci retracement
Stop Loss: 1.27301
Reason for Stop Loss:
Horizontal swing high resistance and 61.8% Fibonacci retracement
