On the H4, with price moving below the Ichimoku cloud, we have a bearish bias that price will drop from our 1st resistance at 0.63622 where the 127.20% Fibonacci extension and horizontal swing high resistance is to our 1st support at 0.62059 in line with the 227.2% Fibonacci projection and 161.8% Fibonacci extension. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 0.65506 in line with the horizontal swing high resistance and 100% Fibonacci retracement.
Trading Recommendation
Entry: 0.63622
Reason for Entry:
127.20% Fibonacci extension and Horizontal swing high resistance
Take Profit:0.62059
Reason for Take Profit:227.2% Fibonacci projection and 161.8% Fibonacci extension
Stop Loss: 0.65506
Reason for Stop Loss:
Horizontal swing high resistance and 100% Fibonacci retracement
