On the H4, with price approaching the resistance of the Ichimoku cloud, we have a bearish bias that price will drop from our 1st resistance at 1.26185 which is in line with horizontal overlap resistance and 61.8% Fibonacci retracement to 1st support at 1.24604, which is in line with horizontal overlap support and 100% Fibonacci projection level. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 1.26930, which coincides with horizontal overlap resistance and 61.8% Fibonacci retracement.
Trading Recommendation
Entry:1.26185
Reason for Entry:
Horizontal overlap resistance and 61.8% Fibonacci retracement
Take Profit: 1.24604
Reason for Take Profit:
Horizontal overlap support and 100% Fibonacci projection
Stop Loss: 1.26930
Reason for Stop Loss:
Horizontal overlap resistance and 61.8% Fibonacci retracement
