On the H4, with prices moving below the ichimoku indicator and passing the basis line of the bollinger band in a downtrend, we have a bearish bias that price will drop from our 1st resistance at 127.164 where the horizontal overlap resistance and 23.6% fibonacci retracement are to our 1st support at 126.653 in line with the swing low support. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 128.070 where the horizontal overlap resistance, 61.8% fibonacci projection and 50% Fibonacci retracement are.
Trading Recommendation
Entry: 127.164
Reason for Entry:
Horizontal overlap resistance and 23.6% fibonacci retracement
Take Profit:126.653
Reason for Take Profit:Horizontal swing low support
Stop Loss: 128.070
Reason for Stop Loss:
Horizontal overlap resistance, 61.8% fibonacci projection and 50% Fibonacci retracement
