On the H4, with price's recent break of the ichimoku cloud and how it is moving within a descending channel , we have a bearish bias that price will continue to drop from the 1st resistance at 1.29124 in line with the horizontal pullback resistance and 38.2% Fibonacci retracement to the 1st support at 1.28224 in line with the 50% Fibonacci retracement and horizontal swing low support. Alternatively, price may reverse off the 1st resistance and rise to the 2nd resistance at 1.30077 where the 78.6% Fibonacci retracement and horizontal swing high resistance is.
Trading Recommendation
Entry: 1.28224 Reason for Entry: 50% Fibonacci retracement and horizontal swing low supportTake Profit: 1.29124
Reason for Take Profit: Horizontal pullback resistance and 38.2% Fibonacci retracementStop Loss: 1.30077
Reason for Stop Loss: 78.6% Fibonacci retracement and horizontal swing high resistance
