On the H4, with price moving below the ichimoku cloud, we have a bearish bias that price will drop from the 1st resistance at 0.62923 in line with the pullback resistance to the 1st support at 0.61210 in line with the 78.6% fibonacci projection and 127.2% fibonacci extension. Alternatively, price may break the 1st resistance structure and rise to the 2nd resistance at 0.63697 in line with the 38.2% fibonacci retracement.
Trading Recommendation
Entry: 0.62923
Reason for Entry:
Horizontal pullback resistance
Take Profit: 0.61210
Reason for Take Profit:78.6% fibonacci projection and 127.2% fibonacci extension
Stop Loss: 0.63697
Reason for Stop Loss:
38.2% fibonacci retracement
