On the H4, with price moving above the ichimoku cloud and price recently breaking the descending trendline, we have a bearish bias that price will rise from the 1st support at 1.75262 in line with the overlap support, 50% fibonacci retracement and 61.8% fibonacci projection, to the 1st resistance at 1.77885 at the horizontal swing high. Alternatively, price may drop from the 1st support to the 2nd support at 1.74394 in line with the overlap pullback support and 61.8% fibonacci projection.
Trading Recommendation Entry: 1.75262
Reason for Entry:
Overlap support, 50% fibonacci retracement and 61.8% fibonacci projection
Take Profit: 1.77885
Reason for Take Profit:
Horizontal swing high
Stop Loss: 1.74394
Reason for Stop Loss:
Overlap pullback support and 61.8% fibonacci projection.
