On the H4 timeframe, price is dropping against the ascending trendline. With price moving below the ichimoku cloud, we have a bias that price will dip to our 1st support at 0.73633 in line with the 61.8% Fibonacci retracement and 161.8% Fibonacci extension from our 1st resistance at 0.74421 in line with graphical overlap resistance. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 0.75292 in line 50% Fibonacci retracement and 61.8% projection.
Trading Recommendation
Entry: 0.74421
Reason for Entry:Graphical overlap resistance.
Take Profit: : 0.73633
Reason for Take Profit: 61.8% Fibonacci retracement and 161.8% Fibonacci extension.
Stop Loss: 0.75292
Reason for Stop Loss:
50% Fibonacci retracement and 61.8% projection.
