On the H4, with prices moving below the ichimoku indicator, we have a bearish bias that price will rise and drop from our 1st resistance at 1.21657 where the horizontal overlap resistance is to our 1st support at 1.19313 where the horizontal swing low support and 61.8% fibonacci projection are. Alternatively, price could break 1st resistance structure and rise to 2nd resistance at 1.24327 in line with the 61.8% fibonacci projection, 78.6% fibonacci retracement and pullback resistance.
Trading Recommendation
Entry: 1.21657
Reason for Entry:
Horizontal overlap resistance
Take Profit: 1.19313
Reason for Take Profit:Horizontal swing low support and 61.8% fibonacci projection
Stop Loss: 1.24327
Reason for Stop Loss:
61.8% fibonacci projection, 78.6% fibonacci retracement and pullback resistance
