On the H4, with prices moving below the Ichimoku indicator, we have a bearish bias that price will drop from our 1st resistance at 128.085 where the 38.2% Fibonacci retracement and horizontal overlap resistance is to our 1st support at 127.156 in line with the 78.6% Fibonacci projection and horizontal swing low support. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 128.831 where the horizontal overlap resistance and 61.8% Fibonacci retracement is.
Trading Recommendation Entry: 128.085Reason for Entry:38.2% Fibonacci retracement and Horizontal overlap resistanceTake Profit: 127.156
Reason for Take Profit:78.6% Fibonacci projection and Horizontal swing low supportStop Loss: 128.831Reason for Stop Loss:Horizontal overlap resistance and 61.8% Fibonacci retracement
