On the H4, with prices reversing off the ichimoku resistance, we have a bearish bias that price will drop from our 1st resistance at 1.21657 where the horizontal overlap resistance and 38.2% fibonacci retracement are to our 1st support at 1.19313 where the horizontal swing low support and 61.8% fibonacci projection are. Alternatively, price could rise above 1st resistance structure and head 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 and 38.2% fibonacci retracement
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