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 is to our 1st support at 126.552 in line with the swing low support, 61.8% Fibonacci projection and 23.6% fibonacci retracement. 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
Take Profit:126.552
Reason for Take Profit:Horizontal swing low support, 61.8% Fibonacci projection and 23.6% fibonacci retracement
Stop Loss: 128.070
Reason for Stop Loss:
Horizontal overlap resistance, 61.8% fibonacci projection and 50% Fibonacci retracement
