On the H4, with price moving below the ichimoku cloud and in a descending trendline, we have a bearish bias that price will continue to drop from the 1st resistance at 1.74377 in line with the 61.8% fibonacci projection and pullback resistance to the 1st support at 1.72101 in line with the swing low and 78.6% fibonacci projection. Alternatively, price may reverse to the 1st resistance and rise to 2nd resistance at 1.75459 at the swing high in line with the 50% fibonacci retracement.
Trading Recommendation Entry: 1.74377
Reason for Entry:
61.8% fibonacci projection and pullback resistance
Take Profit: 1.72101
Reason for Take Profit:
Swing low and 78.6% fibonacci projection
Stop Loss: 1.75459
Reason for Stop Loss:Swing high in line with the 50% fibonacci retracement.
