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 pullback resistance at 0.69846 in line with the 38.2% fibonacci retracement to the 1st support at 0.68323 in line with the horizontal swing low and 61.8% fibonacci projection. Alternatively, price may reverse off the 1st resistance and rise to the 2nd resistance at 0.70653 in line with the 50% fibonacci retracement and swing high.
Trading Recommendation
Entry: 0.69846
Reason for Entry: Pullback resistance and 38.2% fibonacci retracement Take Profit: 0.68323
Reason for Take Profit: horizontal swing low and 61.8% fibonacci projection
Stop Loss: 0.70653
Reason for Stop Loss: 50% fibonacci retracement and swing high.
