On the H4, with price reversing off the Ichimoku indicator, we have a bearish bias that price will drop from our 1st resistance at 1.23923 where the horizontal overlap support is to our 1st support at 1.22667 in line with the horizontal pullback support, 100% Fibonacci projection and 61.8% Fibonacci retracement. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 1.24961 where the horizontal swing high resistance is.
Trading Recommendation
Entry: 1.23923
Reason for Entry:
Horizontal overlap support
Take Profit:1.22667
Reason for Take Profit:Horizontal pullback support, 100% Fibonacci projection and 61.8% Fibonacci retracement
Stop Loss: 1.24961
Reason for Stop Loss:
Horizontal swing high resistance
