Description:
On the H4, with prices moving below the ichimoku indicator, we have a bearish bias that price will drop from our 1st resistance at 1.22313 where the horizontal overlap resistance and 23.6% fibonacci retracement are to our 1st support at 1.19360 in line with the 61.8% fibonacci projection and swing low support. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 1.24022 where the horizontal overlap resistance, 61.8% fibonacci projection and 61.8% fibonacci retracement are.
Trading Recommendation
Entry: 1.22313Reason for Entry:horizontal overlap resistance and 23.6% fibonacci retracement
Take Profit: 1.19360Reason for Take Profit:61.8% fibonacci projection and swing low support
Stop Loss: 1.24022Reason for Stop Loss: horizontal overlap resistance, 61.8% fibonacci projection and 61.8% fibonacci retracement
