On the H4, with prices moving below the ichimoku indicator, we have a bearish bias that price will drop from our 1st resistance at 1.23903 where the horizontal overlap resistance is to our 1st support at 1.21663 in line with the 78.6% fibonacci projection and swing low support. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 1.24625 where the horizontal overlap resistance is.
Trading Recommendation Entry:1.23903
Reason for Entry:
horizontal overlap resistance
Take Profit: 1.21663
Reason for Take Profit:
78.6% fibonacci projection and swing low support
Stop Loss: 1.24625
Reason for Stop Loss:
horizontal overlap resistance
