On the H4, with prices moving below the ichimoku indicator, we have a bearish bias that price will drop from our 1st resistance at 1.21775 where the horizontal overlap resistance is to our 1st support at 1.18375 in line with the 78.6% fibonacci projection and 161.8% fibonacci extension. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 1.24036 where the horizontal overlap resistance and 61.8% fibonacci retracement are.
Trading Recommendation
Entry: 1.21775
Reason for Entry:
Horizontal overlap resistance
Take Profit: 1.18375
Reason for Take Profit:78.6% fibonacci projection and 161.8% fibonacci extensionStop Loss: 1.24036
Reason for Stop Loss:
Horizontal overlap resistance and 61.8% fibonacci retracement
