Description: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 0.69924 in line with the 61.8% fibonacci projection to the 1st support at 0.68502 at the horizontal swing low. Alternatively, price may reverse off the 1st resistance and rise to the 2nd resistance at 0.70699 in line with the pullback resistance and 50% fibonacci retracement.
Trading Recommendation Entry: 0.69924Reason for Entry:61.8% fibonacci projection
Take Profit: 0.68502Reason for Take Profit:horizontal swing low
Stop Loss: 0.70699Reason for Stop Loss:pullback resistance and 50% fibonacci retracement
